Bastion

Bastion provides regulated digital-asset infrastructure for enterprises, fintechs and brokerages that want to launch and scale stablecoin and crypto products without becoming regulated financial entities themselves. Its Stablecoin-as-a-Service platform spans issuance, reserve management and liquidity management, with regulatory licensing and compliance built in, and is complemented by custodial wallets and fiat on- and off-ramps. The company describes its stack in three layers — custody, orchestration and issuance.

The custody layer offers white-label custodial wallets delivered under Bastion's MSB registration and state money transmitter licenses, using cloud HSMs and enclave-based key management and a policy engine that spans custody, orchestration and settlement. The payment-corridor layer supports fiat-to-stablecoin and stablecoin-to-stablecoin conversion with multi-currency support and compliance and sanctions screening on each corridor, covering 60+ countries per the company website (the CEO cited 70 countries in September 2025 press coverage). The issuance layer lets clients launch a USD-backed stablecoin and retain the reserve economics, with flexibility over the issuer model — either Bastion-issued or client-licensed — plus smart-contract governance and reporting on reserves.

Bastion positions its regulatory posture as foundational: it cites a trust company charter (described in its September 2025 release as an NYDFS trust charter), a licensed money services business with state MTLs for custody and transmission of digital currencies in the United States, and compliance functions including KYC, KYB, AML, sanctions screening, Travel Rule and transaction monitoring.

Founding story

Bastion was founded by Nassim Eddequiouaq and Riyaz Faizullabhoy, who had been chief security officer and chief technology officer, respectively, of Andreessen Horowitz's crypto division, and who previously worked together at Meta/Facebook on the Libra stablecoin project as well as at Docker and Anchorage. Eddequiouaq said they felt positioned to close gaps in enterprise web3 back-end infrastructure and that Bastion is building "the tools that we wish we had when we built the Libra project." Caroline Friedman is COO and a founding member.

Business model

B2B infrastructure sold to enterprises and financial institutions, which use Bastion's licenses, custody technology, conversion rails and issuance platform rather than building or licensing these capabilities themselves. Clients can operate under Bastion's regulatory perimeter or under their own license.

Not specified in the available sources. The company markets that clients issuing a branded stablecoin can capture the reserve economics themselves, and that Bastion, unlike some providers, does not issue a competing stablecoin of its own.

Traction

Total funding exceeded $40 million as of September 2025, with additional commitments described as in progress. The company reported 27 employees in September 2025 and said it had seen meaningful growth over the prior year, though it has not publicly named the corporations using its technology to launch stablecoins.

Latest developments

On 24 September 2025 Bastion announced a $14.6 million strategic financing round led by Coinbase Ventures with Sony Innovation Fund, a16z crypto, Samsung Next and Hashed participating, bringing total funding above $40 million; the valuation was not disclosed. The company simultaneously announced the appointments of Jared Klee (Head of Revenue), Vince Tejada (Head of Treasury and Strategic Finance), Beth Gibson (General Counsel) and Rohan Kohli (Chief Risk & Compliance Officer).