Bastion wins conditional OCC approval for national trust bank charter
Bastion received preliminary conditional approval from the OCC for a U.S. trust bank charter, adding federal oversight to its existing state licenses. The proposed entity, Bastion Platforms National Trust Company, would not be able to accept deposits or make loans, so it would function differently from a traditional commercial bank. Instead, it will provide stablecoin custody and wallets, payment infrastructure, and white-label issuance through a single federally regulated platform. Bastion said the approval reflects the growing role of stablecoins in financial infrastructure and the need for stronger trust and governance standards. The company has been moving toward federal supervision since obtaining a New York trust charter in February 2025. Similar charter activity is expanding across the sector, with Ripple receiving conditional approval and Circle and BitGo securing final approval.
