Bastion Receives Conditional OCC Approval for Trust Bank Charter
- Bastion has been granted preliminary conditional approval for a US trust bank charter by the Office of the Comptroller of the Currency (OCC).
- The new charter adds federal oversight to Bastion’s existing state licenses.
- Bastion Platforms National Trust Company will focus on stablecoin custody, wallets, and payment infrastructure.
- The company previously raised $14.6 million in funding from notable investors including Coinbase Ventures and Sony.
- Other companies like Ripple and Circle have received similar approvals or are in the application process.
This approval marks a significant step for Bastion as it transitions into a federally regulated entity, reflecting the growing importance of stablecoins in the financial sector. The company aims to enhance trust and governance standards within this evolving market.
With its new charter, Bastion is positioned to offer comprehensive services related to stablecoins, reinforcing its commitment to regulatory compliance and innovation in digital finance.
