Bastion Wins Conditional OCC Approval for National Trust Bank Charter
Bastion Platforms Trust Company has secured conditional approval from the Office of the Comptroller of the Currency (OCC) to convert into an uninsured national trust bank. The OCC's decision, dated September 18, establishes Bastion Platforms National Trust Company under Charter No. 27198, allowing the company to operate on a national chartering path.
The approval is conditional and does not mean the conversion has been completed. Instead, it sets out the proposed institution and activities it may conduct, subject to requirements attached to the agency's approval.
Bastion filed its conversion application on March 30, 2026, marking a nearly six-month process before the conditional decision. The OCC approved several activities for the proposed bank, including fiduciary stablecoin custody through custodial wallets, conversion between custodied assets and fiat currency or USDC, and white-label stablecoin issuance.
The charter covers custody, USDC conversion, and white-label issuance but does not authorize Bastion's proposed bank to accept deposits. The institution will be headquartered at 216 Bowery, Fifth Floor, in New York, according to the OCC.