According to CoinMeta, stablecoin infrastructure company bastion has received conditional approval from the US Federal Reserve (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. Last year, the company completed a $14.6 million financing round. bastion has previously collaborated 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.