The Office of the Comptroller of the Currency grants Bastion Platforms Trust Company conditional approval to convert its New York trust charter into a national trust bank charter. This federal charter enables Bastion to offer stablecoin custody, wallets, and white-label issuance under a single regulatory framework, though it prohibits deposit-taking and lending. The decision comes amid a broader wave of digital asset firms seeking OCC charters under the 2025 GENIUS Act.
Bastion OCC conditional approval
- ▪The Office of the Comptroller of the Currency permitted a citizenship waiver request made by one of Bastion Platforms Trust Company's directors.
- ▪The Office of the Comptroller of the Currency granted Bastion Platforms Trust Company conditional approval on September 18, 2026, to convert its New York state trust charter into a national trust bank charter.
- ▪Bastion Platforms National Trust Company will operate under OCC Charter #27198 with its primary place of business at 216 Bowery in New York City.
- ▪Bastion Platforms Trust Company applied for its national trust bank charter conversion on March 30, 2026.
White-label stablecoin issuance services
- ▪Bastion Platforms Trust Company does not issue a stablecoin of its own but provides white-label stablecoin issuance infrastructure for other companies to implement dollar-token programs
- ▪The Office of the Comptroller of the Currency's authorization allows Bastion Platforms National Trust Company to provide white-label stablecoin issuance, fiduciary custody, wallets, payments, minting, redemption, and fiat conversions.
National trust charter limitations
- ▪Bastion Platforms National Trust Company cannot make loans, separating its operations from a conventional commercial bank.
- ▪The national trust bank charter granted to Bastion Platforms National Trust Company under OCC Charter #27198 does not grant it automatic access to the payment systems of the Federal Reserve
- ▪Bastion Platforms National Trust Company must acquire stock from a Federal Reserve bank before commencing operations.
Federal deposit restrictions
- ▪Senator Elizabeth Warren argued in a May 18, 2026 letter that national trust charters allow crypto companies to evade fundamental banking safeguards and obligations.
- ▪Bastion Platforms National Trust Company is prohibited from accepting deposits and will not carry Federal Deposit Insurance Corporation insurance.
OCC digital asset charter wave
- ▪Ripple has received conditional approval for a national trust charter, while Payward, Zero Hash, and Block have submitted applications.
- ▪Comptroller Jonathan Gould stated in August 2026 that the Office of the Comptroller of the Currency received 40 new-bank charter applications over 18 months, with 23 involving digital-asset activity.
- ▪The GENIUS Act, enacted on July 18, 2025, requires eligible reserve assets such as Treasury bills for stablecoins, shaping the OCC's regulatory framework.
- ▪Circle received final approval for its national trust bank charter on July 10, 2026, while BitGo has also received final approval.
- ▪The Office of the Comptroller of the Currency also authorized conditional trust charters for stablecoin infrastructure firms Catena and Agora on September 18, 2026.
Bastion strategic partnerships
- ▪Bastion Platforms Trust Company was founded in 2023 by two former executives from Andreessen Horowitz's crypto division.
- ▪Bastion Platforms Trust Company acquired its New York limited-purpose trust charter in February 2025 through the purchase of Dibbs Trust Company.
- ▪Bastion Platforms Trust Company raised $14.6 million in a funding round backed by Coinbase Ventures, Sony Innovation Fund, Samsung Next, Andreessen Horowitz, and Hashed.
- ▪Bastion Platforms Trust Company has established a partnership with Sony Bank to provide stablecoin services.
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