Crypto18 September, 20262 min read
Bastion Platforms National Trust Company Gets Conditional OCC Approval For National Fiduciary Bank Charter
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OCC grants preliminary conditional approval for Bastion's national fiduciary bank charter. Charter enables stablecoin custody, wallets, payments infrastructure, and white-label issuance.
5 outlets told this the same way.
OCC conditional nod
Bastion Platforms National Trust Company received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as a national fiduciary bank, a step Bastion said would consolidate its crypto infrastructure services under a unified federal framework.
The approval is conditional, meaning the entity must meet operating and compliance requirements before receiving final authorization to begin operating formally.
Bastion said the proposed trust bank cannot accept deposits or make loans, distinguishing it from a conventional commercial bank.
Under the charter, Bastion Platforms National Trust Company plans to offer stablecoin custody and wallets, payments infrastructure, and white-label issuance from a single federally regulated entity.
The company said it has been building toward federal supervision since obtaining a New York trust charter in February 2025.
What Bastion will do
Bastion’s planned services under the OCC-supervised structure include custody of stablecoins and wallets, along with payments infrastructure and white-label issuance. Bastion’s CEO Nassim Eddequiouaq said, “Stablecoins have moved from emerging technology into core financial infrastructure, and that requires a different standard of trust, governance and regulatory rigor,” tying the charter push to governance and regulatory rigor. DiarioBitcoin reported that Bastion will provide fiduciary custody of USDC and other digital assets in accordance with the GENIUS Act.
DiarioBitcoin also said Bastion clarified that it does not issue stablecoins directly, positioning the firm as an infrastructure provider rather than a token issuer. The OCC approval would complement Bastion’s existing state licenses, including a New York fiduciary charter obtained in February 2025.
Industry momentum
The conditional approval for Bastion comes as other crypto firms pursue similar federal supervisory paths, with Cointelegraph stating that Ripple has received conditional approval for a similar charter while Circle and BitGo have received final approval. Cointelegraph also said Kraken’s parent company Payward, crypto infrastructure provider Zerohash and payments company Block have submitted applications. Bloomingbit reported that Bastion raised a $14.6 million funding round, and it named Ripple, Circle and BitGo as other companies that have pursued or obtained a national trust bank charter.
“Ripple has received conditional approval for a similar charter, while Circle and BitGohave received final approval.”
Bloomingbit added that Bastion’s conditional approval would place it under federal OCC supervision in addition to the state-level licenses it already holds. DiarioBitcoin said Bastion announced the appointment of four new advisors, including Colleen Taylor as a board member and Michael Patterson as a board member after serving as Chief Compliance Officer of Genesis.