SKN | Bastion Receives Conditional OCC Approval for National Trust Bank Charter

• Bastion Platforms Trust Company received conditional approval from the Office of the Comptroller of the Currency to convert into Bastion Platforms National Trust Company, an uninsured national trust bank.
• The charter would bring stablecoin custody, wallets, white-label issuance and related payment infrastructure under a federally supervised entity, while the bank would not accept deposits.
• Bastion’s approval adds another digital-asset company to the growing group seeking federal trust-bank charters as stablecoin infrastructure moves further into regulated financial markets.

Bastion Moves Toward Federal Trust Bank Status

Stablecoin infrastructure provider Bastion has received conditional approval from the Office of the Comptroller of the Currency (OCC) to convert its New York trust company into a national trust bank.

The OCC’s Corporate Decision 1391, dated Sept. 18, approves the conversion of Bastion Platforms Trust Company into Bastion Platforms National Trust Company under national bank charter number 27198. The OCC says the institution will operate as an uninsured national trust bank with fiduciary powers.

The approval would add federal supervision to Bastion’s existing state-level regulatory framework.

Stablecoin Services Under One Regulated Entity

Bastion said the new entity will bring several stablecoin-related services together under a single federally regulated structure.

Its planned activities include stablecoin custody and wallets, payment infrastructure and white-label stablecoin issuance for businesses and financial institutions.

The OCC decision specifically allows activities including white-label stablecoin issuance, custodial wallet services and issuer services for other regulated stablecoin issuers.

Bastion CEO Nassim Eddequiouaq said the evolution of stablecoins from an emerging technology toward financial infrastructure requires stronger standards around governance, trust and regulatory oversight.

Charter Does Not Create a Conventional Commercial Bank

Despite the national bank designation, Bastion’s new institution will operate differently from a traditional commercial bank.

The OCC’s approval states that Bastion Platforms National Trust Company will not take deposits and will not be insured by the Federal Deposit Insurance Corporation.

The institution is instead structured around trust-company activities and related services. The OCC’s 2026 national chartering rule clarified the authority of national banks limited to trust-company operations and related activities, including certain non-fiduciary activities.

The distinction is significant for stablecoin companies seeking federal regulatory status without becoming deposit-taking commercial banks.

Bastion Has Been Building Toward Federal Oversight

Bastion’s move follows its acquisition of a New York trust charter in February 2025 and its subsequent application for a national charter.

The OCC’s digital-assets licensing records show Bastion submitted its application on March 30, 2026.

The federal regulator has also been processing a growing number of digital-asset-related trust-bank applications. Its September records include applications involving companies such as Agora, Catena and Payward, alongside Bastion’s conversion.

That activity reflects increasing interest among digital-asset infrastructure providers in operating through federally supervised trust structures.

Conditions Remain Before Operations Begin

The OCC’s approval is conditional rather than an unrestricted authorization to begin all proposed activities immediately.

According to the OCC decision, Bastion must satisfy the conditions attached to the approval and maintain specified capital and liquidity requirements. The institution is also required to apply for Federal Reserve Bank stock before commencing business.

The company will operate from its proposed headquarters at 216 Bowery in New York once the remaining requirements are satisfied.

Stablecoin Infrastructure Moves Deeper Into Banking

Bastion’s charter is part of a broader expansion of federally supervised infrastructure around digital assets.

The OCC has already conditionally approved several national trust-bank applications from digital-asset companies, including conversions involving BitGo, Fidelity Digital Assets and Paxos.

For Bastion, the charter provides a federal regulatory framework for expanding its stablecoin infrastructure business while retaining the specialized structure of a trust bank rather than a conventional deposit-taking institution.

Outlook

Bastion’s conditional OCC approval marks another step toward integrating stablecoin infrastructure with the US banking system. The planned national trust bank would give the company a federally supervised platform for custody, wallet services, payments and stablecoin issuance, while remaining outside the traditional deposit-taking banking model. The next stage will depend on Bastion meeting the OCC’s conditions and establishing the operational framework required before the new institution can begin conducting business.