The US Office of the Comptroller of the Currency conditionally approved Bastion Platforms Trust Company’s conversion into a national trust bank. The proposed institution would operate as Bastion Platforms National Trust Company. The approval remains subject to conditions and completion requirements before the conversion can take effect.
The OCC’s decision permits the proposed bank to provide specified stablecoin issuance, custody, conversion and related issuer services. The institution would be uninsured and would not accept deposits. Bastion, a stablecoin infrastructure provider, obtained its New York limited-purpose trust charter in February 2025.
CONVERSION EXTENDS FEDERAL SUPERVISION
A national trust bank charter would place Bastion under OCC supervision for its authorised activities. The company must satisfy remaining OCC conditions covering capitalisation, governance, risk management and compliance before it can begin operating as a national trust bank.
The trust-bank structure differs from a conventional insured commercial bank. Bastion could not accept deposits or make loans and would not carry Federal Deposit Insurance Corporation insurance.
FINAL COMPLETION CONDITIONS STILL APPLY
The conditional decision gives Bastion a route into the federal banking system but does not establish that the conversion has closed or that operations have begun under the national charter.
The next milestone is Bastion’s satisfaction of the OCC’s pre-opening and conversion requirements. The OCC issued the conditional approval on 18 September 2026, the same day it conditionally approved national trust bank charters for Agora and Catena Labs.
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