Bastion announces the acquisition of Dibbs Trust Company, an enterprise-grade tokenization platform, from Dibbs Group. Alongside the acquisition, Bastion has successfully obtained a New York Limited Purpose Trust Company charter from the New York State Department of Financial Services (NYDFS) for Dibbs Trust Company.

By selecting New York as its regulatory home, Bastion adheres to the highest standards of compliance, security, risk management, and consumer protection. This milestone positions Bastion to develop and seek approval for a secure, compliant, and scalable platform for white-label stablecoin issuance.

“At Bastion, our mission is to empower innovative institutions and enterprises with secure, modern, and compliant financial solutions. Acquiring Dibbs Trust Company and obtaining the NYDFS trust charter mark a critical step forward as we aim to deliver regulated stablecoin issuance and reserve management,” said Nassim Eddequiouaq, Co-Founder & CEO of Bastion. “With NYDFS oversight, we’re building on the most trusted regulatory framework to provide secure, innovative solutions.”

With the trust company charter, Bastion joins a select group of companies operating under a New York Limited Purpose Trust Charter. This positions Bastion as a trusted partner for financial institutions and enterprises looking to launch their stablecoins, with a focus on unlocking new revenue streams, payments innovation, and loyalty opportunities for financial institutions and enterprises.

“We’re working to empower enterprises to reimagine financial services, optimize payment experiences, and strengthen customer loyalty, while tapping into new revenue possibilities via stablecoins,” added Nassim Eddequiouaq. “This trust charter provides the groundwork for our long-term vision to lead in regulated stablecoin solutions.”

Looking ahead, Bastion’s upcoming white-label stablecoin issuance platform will enable financial institutions and enterprises to launch their own branded stablecoins, a process sometimes referred to as stablecoin as a service. This offering complements Bastion’s existing custody and orchestration APIs—which include fiat on-ramps, off-ramps, and cross-chain stablecoin conversions—to form a comprehensive solution for managing and benefiting from the entire stablecoin lifecycle.

Bastion’s rollout of these services would be subject to further NYDFS regulatory approvals. The company is committed to ongoing collaboration with NYDFS and other regulators to ensure compliance and maintaining the highest standards of safety and security.

Covington & Burling LLP acted as legal counsel to Bastion in the transaction.

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