Bastion Wins Preliminary OCC Approval for US National Trust Bank Charter
Bastion, a stablecoin infrastructure provider, has secured preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to operate a U.S. national trust bank.
The approval, dated September 18, covers Bastion Platforms Trust Company's conversion into Bastion Platforms National Trust Company, allowing it to provide stablecoin custody and wallets, payment infrastructure, and white-label issuance through a single federally regulated institution.
Bastion can now offer fiduciary custody for USDC and other digital assets meeting requirements under the GENIUS Act, as well as minting, redemption, and conversion infrastructure for enterprise customers.
The new entity will not be a conventional commercial bank, as it won't accept deposits or make loans. Its activities will focus on fiduciary, custody, and digital asset services rather than traditional banking.