**[Stablecoin Company Bastion Receives Conditional Approval from OCC, Permitted to Establish National Trust Bank]** BlockBeats News, September 19 – Stablecoin infrastructure company Bastion has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to apply for the establishment of a national trust bank, paving the way for partnerships with large enterprises and financial institutions. Founded in 2023 by two former a16z crypto executives, Bastion primarily provides enterprises with white-label stablecoin issuance, reserve custody, customer wallets, and payment infrastructure. Its investors include Coinbase Ventures, Sony Innovation Fund, and Samsung Next, with its latest funding round last year raising $14.6 million. Last year, Bastion became the stablecoin partner of Japan’s Sony Bank, responsible for stablecoin custody, payment infrastructure, and issuance. Sony plans to further integrate stablecoin payments into its gaming and entertainment businesses. Bastion CEO Nassim Eddequiouaq stated that obtaining federal regulatory credentials allows the company to become a regulated partner for major financial institutions in the U.S. and abroad to launch stablecoin products. This approval comes amid the rapid expansion of the U.S. stablecoin market. Companies such as Visa, BlackRock, Google, and DoorDash have already entered the stablecoin space, while over a dozen financial institutions, including Bank of America, Wells Fargo, and Santander Bank, are advancing stablecoin projects. The OCC has approved applications from several crypto industry trust banks this year. Bastion’s approval also comes just days after the procedural vote on the CLARITY Act faced setbacks in the Senate. Eddequiouaq believes that the GENIUS Act, signed into law last year, has already established a regulatory framework for stablecoins. [Original Link]