#stablecoin issuer Bastion received conditional approval for a national trust bank charter on Friday, opening the door to the traditional financial system.@Sky星火燎原
The license from the Office of the Comptroller of the Currency enables Bastion, pitched as a stablecoin partner for large enterprises and financial institutions, to work closer with many of those institutions.$BTC
“If you are a bank, you cannot rely on simple fintech unless they are federally regulated,” Chief Executive Nassim Eddequiouaq said in an interview. “We can now be that regulated partner for all of the largest financial institutions in and outside of the U.S., who want to launch products here.”#XRPExchangeReservesHitSevenYearLow
Bastion issues white-label stablecoins for other businesses, and manages the custody of holding reserves and customer wallets behind the scenes.#HKCompletesFirstHKDStablecoinUseCase
As part of the Trump administration’s crypto-friendly agenda, the OCC under Comptroller Jonathan Gould has approved the launch of several crypto-focused trust banks this year.
A consortium of more than a dozen financial institutions including Bank of America, Wells Fargo and Santander, has been moving forward on a stablecoin venture. The Wall Street Journal reported last month. Visa, BlackRock, Google and DoorDash are among the nonbank companies that have moved to enter the stablecoin market.@SC-老村长
Bastion’s approval comes days after a setback for the broader crypto industry: The Clarity Act, a bill to establish a regulatory framework for digital assets, failed to clear a procedural vote in the Senate. Eddequiouaq said the Genius Act, signed into law last year, already established a framework for stablecoins.
“Stablecoins already had their Clarity moment,” he said.