Bastion Platforms National Trust Company has secured preliminary conditional approval from the Office of the Comptroller of the Currency for a US trust bank charter. This federal authorization supplements the existing state licenses held by the company.
The entity will focus on stablecoin custody, wallet services, payment infrastructure, and white-label issuance. Despite the bank charter, the institution is prohibited from accepting deposits or issuing loans, distinguishing it from traditional commercial banks.
The company has been pursuing federal oversight since obtaining its New York trust charter in February 2025. CEO Nassim Eddequiouaq stated that the transition reflects the evolution of stablecoins into core financial infrastructure.
In September 2025, Bastion secured $14,6 million in funding. The round was led by Coinbase Ventures, with participation from Sony, Samsung’s investment arm, Andreessen Horowitz, and Hashed.
Other industry players are also pursuing similar regulatory status. Ripple has received conditional approval, while Circle and BitGo have been granted final approval. Applications from Kraken, Zerohash, and Block are currently pending.
