Bastion receives OCC conditional approval to convert to national trust company
The Office of the Comptroller of the Currency granted Bastion conditional approval to convert its New York trust to Bastion Platforms National Trust Company, permitting white-label stablecoin issuance, fiduciary custodial wallets, fiat‑USDC conversion for custody clients, and issuer services under one federally regulated charter. Bastion does not issue its own stablecoin, has a Sony Bank partnership, and is backed by Andreessen Horowitz and Coinbase Ventures. The charter excludes deposit-taking and FDIC insurance and requires Bastion to acquire Federal Reserve bank stock and meet remaining OCC conditions before starting operations, amid legal and policy debate over trust charters and the GENIUS Act framework.
Bastion can centralize stablecoin issuance, custody and conversion under one charter
Context
Bastion first got a New York trust charter in February 2025 and then sought federal supervision. The GENIUS Act in July 2025 and many OCC charter applications changed the regulatory scene. Next the OCC will require Bastion to meet…
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