Bastion wins conditional OCC approval for national trust bank charter
Bastion Platforms National Trust Company will offer stablecoin custody and wallets, payment infrastructure and white-label issuance from a single federally regulated entity.
National Trust Company, a subsidiary of Bastion Platforms, has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to obtain a US trust bank charter. This approval will provide the company with federal supervision in addition to its existing state licenses. However, the bank, known as Bastion Platforms National Trust Company, will not be able to accept deposits or make loans, distinguishing it from a traditional commercial bank.
Instead, they plan to offer stablecoin custody and wallets, payment infrastructure, and white-label issuance services from a single federally regulated entity. Nassim Eddequiouaq, CEO of Bastion, stated that stablecoins have evolved into essential financial infrastructure and require a higher standard of trust, governance, and regulatory rigor.
The company has been working towards federal supervision since acquiring its New York trust charter in February 2025. In September 2025, Cointelegraph reported that Bastion had raised $14.6 million in a funding round led by Coinbase Ventures and participation from Sony, Samsung's investment subsidiary, Andreessen Horowitz, and Hashed.
Other companies, including Ripple, Circle, BitGo, Kraken's Payward, Zerohash, and Block, have also submitted applications for similar charters.
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