Bastion has secured conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust bank charter.
The approval moves the stablecoin infrastructure company toward federal supervision after meeting the regulator’s remaining conditions.
It also brings stablecoin issuance, custody, and conversion services under one federally regulated entity. However, the charter does not give Bastion the full powers or protections of a traditional commercial bank.
Bastion charter covers stablecoin issuance and custody
The OCC approved Bastion’s conversion from a New York trust company to Bastion Platforms National Trust Company. The company submitted its application on March 30, 2026, under Charter Number 27198, according to OCC Corporate Decision #1391.
Bastion will operate from 216 Bowery in New York City once it satisfies the remaining approval conditions. The OCC also approved a citizenship waiver requested by one of Bastion’s directors.
The approved business model covers white-label stablecoin issuance, fiduciary custodial wallets, and fiat-to-USDC conversion. Bastion can also provide services to other regulated stablecoin issuers under the national trust charter.
The structure allows companies to access stablecoin infrastructure through one federally regulated counterparty. Bastion does not issue its own stablecoin, but it has partnered with Sony Bank. The company also counts Andreessen Horowitz and Coinbase Ventures among its backers.
Bastion CEO Nassim Eddequiouq said the company’s federal approval reflects the growing role of stablecoins in financial infrastructure. He said the sector now requires stronger standards around trust, governance and regulatory oversight.
Bastion has pursued federal supervision since receiving its New York trust charter in February 2025. The company later added four board members and advisors with experience at American Express, Morgan Stanley, EY and Optum.
National trust charter has banking limits
The OCC approval does not allow Bastion to accept deposits or provide FDIC insurance. Bastion must also acquire stock from a Federal Reserve bank before beginning operations.
The charter also does not provide automatic access to Federal Reserve payment systems. A proposed special-purpose payment account would not expand the organizations eligible to open Federal Reserve accounts.
Instead, the national trust charter places Bastion’s custody and stablecoin services under federal oversight. Its structure differs from traditional banks because it does not center on deposits and lending.
Bastion joins a growing group of digital-asset companies seeking national trust charters. OCC Comptroller Jonathan Gould said in August that regulators received 40 new-bank charter applications over roughly 18 months.
Of those applications, 23 involved digital-asset activity, marking an eightfold increase from the previous four years. Circle received final approval for Circle National Trust on July 10 after gaining conditional approval in December 2025.
BitGo, Fidelity Digital Assets and Paxos also received conditional approvals in December, according to Davis Wright Tremaine.
The GENIUS Act has helped shape the regulatory environment surrounding the applications. Enacted on July 18, 2025, the law covers stablecoin requirements and reserve standards.
The OCC proposed rules in February covering reserves, redemption, custody, risk management, and issuer oversight. Gould said the regulator expects to finalize those rules by November.
Meanwhile, Brookings researchers Nellie Liang and Brent Neiman estimated the stablecoin market at about $270 billion in June 2026. They noted that reserve requirements could increase demand for U.S. Treasury bills and influence bank funding.
The Bank for International Settlements also warned that wider dollar-pegged stablecoin use could increase digital dollarization. It said the trend could weaken monetary sovereignty in some economies.
The charter expansion has also drawn criticism from lawmakers. Senator Elizabeth Warren wrote to Gould on May 18, arguing that some crypto companies could exceed traditional trust-company powers.
The OCC reached a different legal conclusion in Bastion’s decision. It determined that Bastion’s proposed custody, conversion, stablecoin issuance and issuer services qualify as permissible trust-company activities.
