Stablecoin infrastructure provider Bastion said the Office of the Comptroller of the Currency (OCC) had granted it preliminary conditional approval for a US trust bank charter.
The charter adds federal supervision from the OCC to the state licenses Bastion already holds, according to a news release on Friday. Still, the proposed bank could not accept deposits or make loans, separating it from a conventional commercial bank.
Licensed as Bastion Platforms National Trust Company, it will offer stablecoin custody and wallets, payment infrastructure and white-label issuance from a single federally regulated entity.
“Stablecoins have moved from emerging technology into core financial infrastructure, and that requires a different standard of trust, governance and regulatory rigor,” said Nassim Eddequiouaq, CEO of Bastion.
The company has been building toward federal supervision since acquiring its New York trust charter in February…
