Stablecoin firm Bastion has secured conditional approval from the Office of the Comptroller of the Currency (OCC), and will be permitted to establish a national trust bank.

Stablecoin infrastructure firm Bastion has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to apply for a national trust bank charter, paving the way for its partnerships with large enterprises and financial institutions. Founded in 2023 by two former a16z crypto executives, Bastion provides enterprises with white-label stablecoin issuance, reserve custody, client wallets, and payment infrastructure. Its investors include Coinbase Ventures, Sony Innovation Fund, and Samsung Next, with the latest funding round last year totaling $14.6 million. Last year, Bastion became a stablecoin partner of Japan’s Sony Bank, responsible for stablecoin custody, payment infrastructure, and issuance. Sony plans to further integrate stablecoin payments into its gaming and entertainment businesses. Bastion CEO Nassim Eddequiouaq stated that with the federal regulatory qualification, the company can serve as a regulated partner for large financial institutions in the U.S. and abroad to launch stablecoin products. This approval comes amid the rapid expansion of the U.S. stablecoin market. Companies including Visa, BlackRock, Google, and DoorDash have all entered the stablecoin space, while more than a dozen financial institutions—such as Bank of America, Wells Fargo, and Santander—are advancing their own stablecoin projects. The OCC has approved multiple crypto-focused trust bank applications this year. Bastion’s approval also follows days after the Senate procedural vote on the CLARITY Act failed. Eddequiouaq noted that the GENIUS Act, signed into law last year, has already established a regulatory framework for stablecoins.