Stablecoin Firm Bastion Secures Conditional Approval for National Trust Bank Charter

Stablecoin infrastructure provider Bastion has received preliminary conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter, adding federal oversight to the state licenses the company already holds. The new entity, Bastion Platforms National Trust Company, will not be permitted to accept deposits or issue loans, distinguishing it from a traditional commercial bank.

Consolidating Services Under One Regulated Entity

Once finalized, the charter would allow Bastion to offer stablecoin custody, digital wallets, payment infrastructure, and white-label issuance services all through a single federally regulated company. Bastion’s CEO said the move reflects how stablecoins have evolved from emerging technology into essential financial infrastructure, requiring stronger standards of trust and regulatory oversight.

The company has been working toward this level of federal supervision since acquiring a New York trust charter early last year.

Part of a Broader Industry Trend

Bastion previously raised $14.6 million in funding led by Coinbase Ventures, with additional backing from major investors including Sony, Samsung’s investment arm, and prominent crypto-focused venture capital firms.

This approval places Bastion among a growing group of crypto and stablecoin companies pursuing federal trust bank charters. Ripple has also received similar conditional approval, while Circle and BitGo have already secured final approval for comparable charters. Kraken’s parent company has pursued a similar path as well.

Why This Matters for Stablecoin Regulation

The push toward federally regulated trust charters reflects growing efforts across the stablecoin industry to establish clearer regulatory standing as digital assets become more deeply integrated into mainstream financial infrastructure.