“Can a regulated, enterprise-grade stablecoin infrastructure platform become the default backend for banks and fintechs issuing and moving stablecoins globally?”
Founded in 2023 by former a16z crypto CSO and CTO, Bastion launched as an enterprise-grade wallet-as-a-service platform. It evolved from generic web3 infrastructure into a regulated stablecoin issuance and custody stack — spanning on/off-ramps, payments, and treasury settlement. The pivot toward regulated infrastructure culminated in the formation of Bastion Platforms Trust Company, LLC (pending NYDFS approval), positioning Bastion as institutional-grade rather than permissionless crypto.
Bastion discloses Bastion Platforms Trust Company, LLC (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Bastion has applied for a conversion to national bank charter for Bastion Platforms Trust Company, LLC → Bastion Platforms National Trust Company with the OCC. Status: conditional approval (2026-09-18). Until then its banking services run through Bastion Platforms Trust Company, LLC (in-house).
Bastion processes payments through Bastion Payments (self-operated).
Bastion runs its ledger on Formance.
Bastion's crypto products run on Bastion (self-operated).
The Embedded Finance Index 2026 maps 5 layers in Bastion's stack: Payments / PSP (Bastion Payments (self-operated)); Banking / BaaS (Bastion Platforms Trust Company, LLC (in-house)); Ledger (Formance); Crypto (Bastion (self-operated)); Treasury (Bank of New York Mellon (BNY)).
Bastion was founded by Nassim Eddequiouaq and Riyaz Faizullabhoy and is founded in 2023, headquartered in Campbell, CA, USA.
Bastion has raised $39.6M in total (latest round: Series A, 2025).
Get a read on where your own stack stands against Bastion and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.