Bastion Conditionally OK for US Trust Bank
The bank will operate as a federally chartered trust bank and provide trust and fiduciary services under OCC oversight.
- On Friday, stablecoin infrastructure provider Bastion said the Office of the Comptroller of the Currency granted it preliminary conditional approval for a national trust bank charter, enabling federal regulation of its custody and issuance services.
- CEO Nassim Eddequiouaq stated stablecoins have shifted from emerging technology into core financial infrastructure, requiring a different standard of trust, governance and regulatory rigor to serve enterprise clients.
- Bastion recruited four senior executives from major financial institutions: Colleen Taylor from American Express, Michael Patterson from Genesis, Stuart Breslow from Morgan Stanley, and Gabriella Fitzgerald from Optum Financial.
- Caroline Friedman, President and COO of Bastion, said the firm wants to "build compliance into the product rather than around it," leveraging the new team's decades of regulatory experience.
- Institutional adoption of stablecoins is accelerating, and Bastion's federally regulated status positions it to handle custody, payment infrastructure and issuance at scale for U.S. enterprise clients and financial institutions.
21 Articles
21 Articles
Cointelegraph
The New York LedgerBastion conditionally OK for US trust bank
Bastion wins conditional approval for US trust bank charter
Bastion Receives Conditional OCC Approval for a National Trust Bank Charter
The charter allows Bastion to bring its stablecoin issuance, custody and conversion products under one federally regulated entityAmidst regulatory momentum, Bastion appoints four new advisors, including former senior leadership from American Express, Morgan Stanley, EY and Optum
Bastion Wins OCC Trust Bank Nod After $40M Stablecoin Raise
What Did the OCC Approve for Bastion? Stablecoin infrastructure provider Bastion has received preliminary conditional approval from the Office of the Comptroller of the Currency to operate a U.S. national trust bank, moving its custody, payments and stablecoin infrastructure business under direct federal supervision. The approval, dated September 18, covers Bastion Platforms Trust Company’s conversion into Bastion Platforms National Trust Compan…
Bastion received conditional approval under OCC Decision 1391 for a national trust agreement covering USDC custody, wallets, and white-label issuance.
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