Bastion has received conditional approval from the Office of the Superintendent of the Currency to apply for the establishment of a national trust bank

Bastion, a stablecoin infrastructure company, has received conditional approval from the Office of the Superintendent of the Currency (OCC) to apply for the establishment of a national trust bank. Bastion was founded in 2023 by two former a16z executives, with investors including Coinbase Ventures, Sony Innovation Fund, and Samsung Next. It raised $14.6 million in funding last year. Bastion has previously partnered with Sony Bank on stablecoins, and its CEO Nassim Eddequiouaq stated that after obtaining federal regulatory qualifications, the company can become a regulated partner for large financial institutions to launch stablecoin products.