Stablecoin infrastructure provider Bastion received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to form a national trust bank. The new entity, Bastion Platforms National Trust Company, will operate as a federally regulated firm.
The charter enables Bastion to provide stablecoin custody, white-label issuance, and payment services. This specific license does not permit the company to accept deposits or issue loans.
This approval places Bastion among a select group of crypto firms under federal oversight. The move strengthens Bastion’s institutional offerings, including its existing stablecoin partnership with Sony Bank.