Bastion secures OCC approval for national trust bank

Bastion has received conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust bank charter in the U.S., a milestone in its push to build federally regulated infrastructure for stablecoins. This clearance enables the creation of Bastion Platforms National Trust Company, a new entity that will provide fiduciary custody for USDC and other digital assets aligned with the GENIUS Act. The platform will deliver white-label wallet services, stablecoin minting, redemption, and conversions between digital assets and fiat currencies, with a focus on enterprise clients.

The development comes as stablecoins evolve from niche experiments into foundational financial tools. Nassim Eddequiouaq, Bastion’s CEO, stated that the industry now requires stronger trust frameworks, governance, and regulatory compliance. The OCC charter, he noted, offers enterprises the same level of oversight they expect from traditional banks, addressing a key concern in institutional adoption.

Bastion’s journey toward full federal supervision began with its acquisition of a New York trust charter in February 2025. While the company has not specified a timeline for final approval, the conditional nod reflects a broader industry trend: stablecoin firms are increasingly seeking OCC-backed trust structures to enhance credibility. Competitors such as Circle and Stripe’s Bridge have also pursued similar charters to strengthen their institutional offerings.

Institutional demand for compliant stablecoin infrastructure exceeds available solutions, according to Eddequiouaq. As adoption accelerates, enterprises require providers that meet rigorous regulatory and operational standards. Bastion’s approval positions it as one of the first to fill this gap, delivering a regulated framework for custody and transactions.

The company has also strengthened its leadership team. Colleen Taylor, previously president of U.S. merchant services at American Express, and Michael Patterson, former chief compliance officer at Genesis, have joined its board. Additionally, Stuart Breslow, a former chief compliance officer at Morgan Stanley, and Gabriella Fitzgerald, who previously led Western Union for the Americas, have taken on advisory roles.

The conditional approval does not ensure final licensing but demonstrates progress in Bastion’s effort to standardize stablecoin services under federal supervision. As financial institutions prioritize regulated stablecoin solutions, the move could drive faster adoption among those cautious about unsupervised digital asset custody.