Exclusive | Stablecoin Company for Big Business Gets a Conditional Banking License

The Wall Street Journal broke the news that stablecoin issuer Bastion secured a conditional banking license from the U.S. Office of the Comptroller of the Currency (OCC), extending banking authority to a stablecoin company. TradingView and The Manila Times detailed the OCC’s initial consent, noting that the conditional approval includes a National Trust Bank charter for Bastion.

JD Supra reported that the OCC also granted preliminary charter approval to a digital‑asset‑focused de novo bank, while CU Today highlighted parallel initial approvals for Revolut and OpenReserve National Banks. CU Today noted that Revolut and OpenReserve are also designated as national banks under the OCC’s initial approval. With the conditional license in place, Bastion can begin building banking infrastructure while meeting the OCC’s stipulated requirements.

The simultaneous approvals suggest a broader regulatory willingness to experiment with banking models tailored to digital‑asset businesses, though the full operational status of each entity remains contingent on meeting the conditions outlined by the OCC. The license remains provisional until audit and compliance milestones are verified by the regulator.