Stablecoin infrastructure provider Bastion receives national trust bank charter approval from U.S. OCC

PANews reported on September 19, citing WSJ, that stablecoin infrastructure provider Bastion received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to convert its New York state trust charter into a national trust bank charter. The charter will enable Bastion to provide stablecoin custody, wallets, payment infrastructure, and white-label issuance services (including minting, redemption, and fiat conversion) to large enterprises and financial institutions under federal supervision, but it will not take deposits and is not covered by FDIC insurance. Bastion positions itself as a stablecoin partner for large enterprises and has already partnered with institutions such as Sony Bank. Its investors include Coinbase Ventures, Sony Innovation Fund, and Samsung Next.