OCC Approves Bastion's National Trust Company Charter

Bastion Platforms National Trust Company has secured conditional approval from the Office of the Comptroller of the Currency (OCC) to convert its New York trust company. This development marks a significant step towards unifying issuance, custody, and conversion of stablecoins under one federally regulated entity.

The OCC Corporate Decision #1391 states that Bastion made an application for conversion on March 30, 2026, under Charter Number 27198. The primary place of business will be at 216 Bowery in New York City. Among its approved activities are white-label stablecoin issuance, fiduciary custodial wallets, and the conversion between fiat currency and USDC for custody clients.

The GENIUS Act is shaping the framework for these applications, with proposed rules covering reserve assets, redemption, custody, risk management, and issuer oversight. Brookings researchers put the stablecoin market at around $270 billion as of June 2026, which could affect demand for short-term U.S. government debt and bank funding.