Bastion, an institutional stablecoin infrastructure provider, has received preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national trust bank charter to form Bastion Platforms National Trust Company.
The bank will offer custody, wallets, payment infrastructure, and white-label issuance — including minting, redemption, and conversion between stablecoins and fiat — from a single entity.
Bastion will provide fiduciary custody of Circle’s US dollar-backed stablecoin, USDC, along with other GENIUS Act-compliant digital assets.
The firm also intends to provide technology and operational infrastructure to other regulated issuers.
According to Bastion, it has been working toward federal supervision since acquiring its New York trust charter in February 2025.
Speaking on the approval, Nassim Eddequiouaq, CEO of Bastion, says: “Enterprises and financial institutions can now access stablecoins through a federally regulated counterparty, with the controls and oversight they already expect from their banks.”
To support the firm’s OCC charter, it has made four senior appointments.
Colleen Taylor, following her time as president of US merchant services at American Express, and Michael Patterson, former chief compliance officer at Genesis, have both joined the board.
Stuart Breslow, Morgan Stanley’s chief compliance officer for over a decade, and Gabriella Fitzgerald, who most recently served as CEO of healthcare payments at Optum Financial, have joined Bastion as advisers.
Commenting on the appointments, Caroline Friedman, president and chief operating officer of Bastion, remarks: “These leaders spent decades of their careers setting the payments, risk, compliance and governance standards inside the institutions our clients come from.
“That is the experience we want in the room as we continue to build compliance into the product rather than around it.”
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