Bastion
Bastion Platforms, LLC
Bastion provides a full-stack stablecoin-as-a-service platform that lets enterprises issue, custody, move and convert stablecoins under their own or Bastion's licences. Bastion Platforms Trust Company is a NYDFS-chartered limited purpose trust company (one of only a handful in the US), with custodial wallets managed via cloud/enclave HSMs and fiat↔stablecoin conversion corridors across 60+ countries with compliance screening. Founded in 2023 by former a16z crypto-team executives, it has raised over $40M.
Data & conditions
| Service type | Stablecoin infrastructure |
|---|---|
| Pricing model | Not disclosed |
| Custody model | qualified-custody |
| Customer type | Enterprise, Fintech, Platforms |
| Fund custody | Custodial (platform holds funds) |
| Supported countries | US, EEA |
| Regulator | NYDFS (US) |
| OAM Italy registration | No |
| Segment | B2B |
| Funding / solidity | Founded 2023 by Nassim Eddequiouaq and Riyaz Faizullabhoy (ex-a16z crypto) · >$40M raised |
| MiCA / License status | NYDFS Limited Purpose Trust Charter (Bastion Platforms Trust Company, LLC)US Money Transmitter Licenses (NMLS ID 2523302) NYDFS Limited Purpose Trust Charter |
Strengths
- NYDFS charter as a limited purpose trust company (one of only a handful in the US).
- >$40M raised from top-tier investors (a16z crypto, Coinbase Ventures, Sony, Samsung Next, Hashed).
- Full stack: stablecoin issuance, custody, movement and conversion under licence.
- No notable sovereignty advantage documented.
Weaknesses
- B2B service: not accessible to end consumers.
- Young company (founded 2023): still a limited track record over time.
- Custodial: the platform holds your funds and can freeze or lose them.
- Subject to regulation (NYDFS Limited Purpose Trust Charter): reporting to authorities and freezes on order.
Verdict
Score 4.0/5, very strong profile. In its favour: nYDFS charter as a limited purpose trust company (one of only a handful in the US). The trade-off to weigh: b2B service: not accessible to end consumers.
On the Sovereignty lens the score is 0.5/5 (weak): the strength is fund control (0.5/5).
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Can an individual use Bastion?
No. Bastion is B2B infrastructure: it sells stablecoin issuance, custody and conversion to enterprises and institutions that embed these services in their own products.
Is Bastion regulated?
Yes. Bastion Platforms Trust Company is a NYDFS-chartered limited purpose trust company, and custody/transmission also operates under state money transmitter licences (NMLS ID 2523302).
Sources
- Official service page Custody · Move · Paesi · Sony Data verified on Jul 17, 2026
- crypto.news Data verified on Jul 17, 2026