Bastion has cleared a key regulatory hurdle in the race to build federally supervised stablecoin infrastructure. The Office of the Comptroller of the Currency (OCC) granted conditional approval on September 18, 2026, for Bastion Platforms Trust Company to convert into Bastion Platforms National Trust Company.
The approval gives the company a path toward operating under federal supervision, but it does not mean Bastion has become a conventional bank.
The proposed institution will be uninsured, will not accept deposits, and will not make loans. Its charter is instead focused on trust and digital-asset services.
According to the OCC’s decision, the company filed its conversion application on March 30, 2026. Bastion had previously operated as a New York state trust company after acquiring its New York trust charter in February 2025.
Stablecoin Services at the Center of Bastion’s Strategy
Bastion’s proposed national trust bank is designed to provide a range of stablecoin and digital-asset infrastructure services under one federally regulated entity. These include stablecoin custody, wallet services, payment infrastructure, fiduciary services, and white label stablecoin issuance.
For businesses using stablecoins, the federal structure could provide a more centralized regulatory and compliance framework.
Instead of relying on multiple state licenses or arrangements with banking partners, Bastion aims to bring key services together under its national trust charter.
Bastion CEO Nassim Eddequiouaq said, “Stablecoins have moved from emerging technology into core financial infrastructure, and that requires a different standard of trust, governance and regulatory rigor.”
The company has also highlighted its work with Sony Bank’s global stablecoin initiative as an example of its growing role in institutional digital-asset infrastructure.
Bastion Joins a Growing Stablecoin Banking Race
Bastion’s conditional approval comes as several major crypto and financial infrastructure companies seek similar federal charters.
Ripple has received conditional approval for a national trust bank, while Circle and BitGo have received final approvals. Kraken parent Payward, Zerohash and Block have also submitted applications.
Bastion has attracted significant backing as it has expanded its infrastructure business. In September 2025, the company announced a $14.6 million strategic funding round led by Coinbase Ventures, with participation from Sony Innovation Fund, a16z crypto, Samsung Next, and Hashed. The company said the round brought its total funding above $40 million.
The OCC’s decision now puts the focus on what comes next.
Bastion must satisfy the conditions attached to its approval, including requirements related to capital, governance, operations, and ongoing supervision. Until those requirements are met, the approval remains in condition.
For Bastion, the next phase is therefore less about announcing a charter and more about completing the regulatory work needed to turn that approval into an operating national trust bank.
