Stablecoin company Bastion receives conditional approval from the OCC and will be permitted to establish a national trust bank.

BlockBeats news, September 19 — Stablecoin infrastructure company 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 partnerships with large enterprises and financial institutions.

Founded in 2023 by two former a16z crypto executives, Bastion primarily provides white-label stablecoin issuance, reserve custody, customer wallets, and payment infrastructure for enterprises. Its investors include Coinbase Ventures, Sony Innovation Fund, and Samsung Next, with its latest funding round last year amounting to $14.6 million.

Last year, Bastion became a stablecoin partner for 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 federal regulatory credentials, the company can become a regulated partner for large financial institutions in the U.S. and overseas to launch stablecoin products.

The approval comes amid rapid expansion of the U.S. stablecoin market. Companies including Visa, BlackRock, Google, and DoorDash have all entered the stablecoin space, and more than a dozen financial institutions — including Bank of America, Wells Fargo, and Santander — are also advancing stablecoin projects. The OCC has approved multiple crypto industry trust bank applications this year.

Bastion's approval also comes days after the Senate procedural vote on the CLARITY Act suffered a setback. Eddequiouaq believes that the GENIUS Act, signed into law last year, has already established a regulatory framework for stablecoins.