Bastion Wins Conditional OCC Approval for a National Trust Bank Charter

Bastion Platforms Trust Company has received conditional approval from the Office of the Comptroller of the Currency to convert from a New York state trust company into an uninsured national trust bank. The September 18 decision would create Bastion Platforms National Trust Company under OCC Charter No. 27198, placing a stablecoin-focused services business on a national chartering path.

The approval is conditional rather than a completed conversion. The OCC’s decision establishes the proposed institution and the activities it may conduct, subject to the requirements attached to the agency’s approval.

OCC approves Bastion’s conversion under Charter No. 27198

The OCC decision approves Bastion Platforms Trust Company’s conversion into Bastion Platforms National Trust Company. The agency describes the resulting entity as an uninsured national trust bank.

Bastion filed the conversion application on March 30, 2026. The OCC’s digital-assets licensing applications table lists Bastion Platforms National Trust Company as an applicant received on that date, marking a process that ran for nearly six months before the conditional decision.

A national trust bank charter differs from a conventional retail-bank model in this case. The approval does not authorize Bastion’s proposed bank to accept deposits, and the institution will not carry FDIC insurance.

Bastion Platforms National Trust Company will not take deposits

The proposed bank will be headquartered at 216 Bowery, Fifth Floor, in New York, according to the Office of the Comptroller of the Currency.

The OCC approved fiduciary stablecoin custody through custodial wallets, conversion between custodied assets and fiat currency or USDC, and white-label stablecoin issuance.

Bastion Platforms National Trust Company will be an uninsured, non-deposit-taking national trust bank. The charter therefore concerns trust-bank operations, not the launch of an FDIC-insured deposit institution; its operating model is built around custody and stablecoin-related infrastructure rather than deposit gathering.

The charter covers custody, USDC conversion and white-label issuance

The OCC approved several activities for the proposed bank. They include fiduciary stablecoin custody through custodial wallets, conversion between custodied assets and fiat currency or USDC, and white-label stablecoin issuance.

The decision also covers issuer services for other regulated stablecoin companies, encompassing both stablecoin-asset custody and infrastructure services that can support third-party issuers. Those permissions do not limit the entity to a single wallet or conversion function.

The conversion authority, as described by the OCC, is tied to custodied assets and the approved activities in its decision—not to a general authorisation to accept deposits or provide FDIC-insured banking services.

Bastion seeks to consolidate products under federal supervision

Bastion’s proposed national trust-bank entity would house its custody, conversion and issuance-related businesses if the company satisfies the conditions required for conversion. Its existing state-level licensing footprint would remain part of the regulatory structure.

Bastion said the charter would place its stablecoin custody, wallet, payment infrastructure and white-label issuance products under one federally supervised entity, complementing those state-level licenses, according to its announcement.

The arrangement is presented as a consolidation effort as well as a chartering event.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.