Bastion Platforms Trust Company has received conditional approval from the Office of the Comptroller of the Currency to convert its New York state trust company into an uninsured national trust bank. The decision, issued on September 18, 2026, would establish Bastion Platforms National Trust Company under OCC Charter No. 27198, with its principal office at 216 Bowery, Fifth Floor, New York.
The OCC approved a trust-bank model that cannot accept deposits and will not carry FDIC insurance. Instead, authorized activities center on stablecoin infrastructure: fiduciary stablecoin custody through custodial wallets, conversion between custodied assets and fiat currency or USDC, white-label stablecoin issuance, and issuer services for other regulated stablecoin companies.
Bastion filed its conversion application on March 30, 2026, and the review lasted nearly six months. The OCC concluded the proposal met statutory and policy standards under the National Bank Act, noting Congress has long authorized national banks limited to trust-company operations. The agency also pointed to the GENIUS Act’s recognition that uninsured national banks may issue stablecoins.
Chief Executive Nassim Eddequiouaq said stablecoins have become core financial infrastructure and therefore require a higher standard of governance and regulatory rigor. The company has pursued federal supervision since obtaining its New York limited-purpose trust charter in February 2025.
Conditional approval is not a final license. Bastion must still satisfy remaining OCC conditions covering capitalization, governance, risk management, and compliance before it can commence operations as a national trust bank. The move places Bastion among a growing group of digital-asset firms seeking national trust charters as stablecoin infrastructure becomes more tightly integrated with traditional finance.
