Bastion, which specializes in stablecoin infrastructure, announced that the U.S. Office of the Comptroller of the Currency (OCC) has granted it an initial conditional approval for a federal credit union charter in the United States.

According to the company’s statement, this charter adds federal oversight from the OCC to the local licenses Bastion already holds. However, the proposed entity would not be a traditional commercial bank, as it would not be allowed to accept deposits or issue loans.

The entity will operate under the name Bastion Platforms National Trust Company, with a focus on providing stablecoin custody services and digital wallets, along with a payments infrastructure and a white-label issuance service through a single federally regulated entity.

Nasim Edqiyou, the company’s CEO, said that stablecoins have shifted from being an emerging technology to becoming an essential part of the financial infrastructure, which calls for a different level of trust, governance, and regulatory discipline.

Bastion has been working for some time to strengthen its position under federal oversight after obtaining a lending charter in New York in February 2025.

This move comes as requests from companies operating in the sector for clearer banking regulatory frameworks continue to increase. Ripple received conditional approval for a similar charter, while Circle and BitGo received final approval. Other parties, including Payward, Kraken’s parent company, Zerohash, and Block payments company, have also filed similar applications.

The importance of this approval lies in the potential it may grant Bastion for a unified regulatory model that combines custody, issuance, and payments infrastructure within a single federal entity—making it easier for companies that need a cohesive compliance structure to handle stablecoin services within a clearer framework.

Bastion previously raised $14.6 million in a funding round led by Coinbase Ventures, with participation from Sony, Samsung, Andreessen Horowitz, and Hashed.

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