Sony Bank’s stablecoin partner Bastion wins conditional OCC national trust bank charter

Stablecoin infrastructure firm Bastion announced on September 18, 2026, that the Office of the Comptroller of the Currency (OCC) has granted it preliminary conditional approval for a national trust bank charter, according to a company press release. The company would convert its existing New York trust company into a federally chartered entity.

The charter would operate as Bastion Platforms National Trust Company, offering stablecoin custody and wallets, payment infrastructure and white-label issuance from a single federally regulated entity. It adds OCC supervision to the state licenses Bastion already holds. Bastion obtained its New York trust license in February 2025.

What the approval does not do

The approval is conditional. Bastion cannot begin operating as a national trust bank until it satisfies the OCC’s outstanding conditions and receives final authorization to commence business.

A trust charter is also not a full banking licence. Coverage of the announcement says it does not permit deposit-taking and is not covered by FDIC insurance. Bastion does not issue stablecoins itself. It supplies the technology and operational infrastructure for other regulated issuers.

Sony Bank and Andreessen Horowitz in the background

Bastion already partners with Sony Bank and is backed by Andreessen Horowitz. CEO Nassim Eddequiouaq said stablecoins have moved from emerging technology into core financial infrastructure, and that enterprises can now reach them through a federally regulated counterparty. He added that the industry is still in the “early innings,” according to the press release.

A crowded queue for federal charters

Bastion is not the only digital-asset firm in the queue. On December 12, 2025, the OCC conditionally approved five national trust bank charters: First National Digital Currency Bank, Ripple National Trust Bank, BitGo Bank & Trust, Fidelity Digital Assets and Paxos Trust Company. Crypto Briefing reported that the regulator also authorized conditional trust charters for Catena and Agora on September 18, 2026. Other applicants include Zerohash, Dakota National Trust Bank and Payward.

The competitive question is shifting from who can issue stablecoins to who controls the regulated infrastructure behind issuance, custody and settlement. For large companies and banks wary of crypto-native providers outside the federal system, a federally supervised counterparty is a clear selling point. Bastion now has a route to becoming one.