Received conditional approval from OCC, Bastion can apply to establish a national trust bank

Odaily reports that stablecoin infrastructure company Bastion has received conditional approval from the U.S. Office of the Comptroller of the Currency to apply to establish a national trust bank. Founded in 2023 by two former a16z crypto executives, Bastion provides white-label stablecoin issuance, reserve custody, customer wallets, and payment infrastructure for enterprises; its investors include Coinbase Ventures, Sony Innovation Fund, and Samsung Next, and its latest funding round last year raised $14.6 million.