Bastion, a stablecoin infrastructure company, has received conditional approval from the Office of the Comptroller of the Currency (OCC) to convert its New York trust company into Bastion Platforms National Trust Company.

Once it satisfies the remaining conditions, the charter will bring stablecoin issuance, custody and conversion together within a single federally regulated entity. The approval could also support broader integration of stablecoins into bank and fintech infrastructure.

Custody alone would not make the approval notable. More significantly, Bastion’s authorized business model includes white-label stablecoin issuance and related services for issuers. This would allow companies to launch dollar-token programs without building the entire technology and operational infrastructure themselves.

Issuance, custody and conversion under one roof

According to OCC Corporate Decision #1391, Bastion submitted its conversion application on March 30, 2026, under Charter Number 27198. The company’s primary place of business will be 216 Bowery in New York City. The OCC also approved a citizenship waiver requested by one of Bastion’s directors.

The approved activities include white-label stablecoin issuance, fiduciary custodial wallets, conversion between fiat currency and USDC for custody clients, and assistance to other regulated stablecoin issuers. Bastion said companies will be able to access its products through a single federally regulated counterparty.

Bastion does not issue its own stablecoin. The company has partnered with Sony Bank and is backed by Andreessen Horowitz and Coinbase Ventures.

The conversion moves Bastion from New York state trust oversight to direct supervision by the OCC, placing its services within a regulatory framework more closely aligned with the mainstream banking sector. CEO Nassim Eddequiouaq described the OCC approval as part of that transition.

“Stablecoins have moved from emerging technology into core financial infrastructure, and that requires a different standard of trust, governance and regulatory rigor.” — Nassim Eddequiouaq, Bastion CEO

Bastion has pursued federal supervision since receiving its New York trust charter in February 2025. It has also added four board members and advisers with backgrounds at American Express, Morgan Stanley, EY and Optum.

What the charter does not include

National trust charters authorize fiduciary activities such as custody, asset administration and related services, not the deposit-and-lending functions of a full-service bank. Under the OCC’s decision, Bastion Platforms National Trust Company will not be permitted to accept deposits or receive Federal Deposit Insurance Corporation (FDIC) coverage.

Before beginning operations, the company must acquire stock from a Federal Reserve bank and satisfy all remaining conditions imposed by the OCC. The charter also does not provide automatic access to the Federal Reserve’s payment systems.

As reported previously by Cryptopolitan, the special-purpose payment account proposed by the Federal Reserve would not expand the range of organizations eligible to open Federal Reserve accounts. Bastion’s model is therefore centered on federal supervision and custody infrastructure rather than a traditional deposit-and-lending business. See Cryptopolitan’s previous report.

Charter activity accelerates under the GENIUS Act

Bastion is joining a rapidly growing group of companies seeking bank charters. Comptroller Jonathan Gould said in August that the OCC had received 40 applications for new-bank charters over approximately 18 months. Of those, 23 involved digital-asset activity, representing an eightfold increase from the previous four years.

Circle received final approval on July 10 to open Circle National Trust after receiving conditional approval in December 2025. BitGo, Fidelity Digital Assets and Paxos were among the companies that also received conditional approvals that December, according to Davis Wright Tremaine.

The GENIUS Act, enacted on July 18, 2025, is helping shape the regulatory framework. In February, the OCC proposed rules covering reserve assets, redemption, custody, risk management and issuer oversight. Gould said a final rule is expected by November.

Larger dollar flows and policy criticism

Brookings researchers Nellie Liang and Brent Neiman estimated that the stablecoin market was worth approximately $270 billion as of June 2026. Because the GENIUS Act requires eligible reserve assets, including Treasury bills, further growth could affect demand for short-term U.S. government debt and bank funding. Their analysis is available in Brookings’ report.

The Bank for International Settlements warned in August that wider use of dollar-pegged stablecoins could contribute to “digital dollarisation” and weaken monetary sovereignty in some economies.

The expansion of trust charters has also drawn legal and policy criticism. In a May 18 letter to Gould, Senator Elizabeth Warren said the OCC had approved at least nine national trust charters for crypto companies. She argued that some of the proposed activities exceeded the powers of trust companies.

“These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank.” — Sen. Elizabeth Warren

The OCC takes a different legal position. In Bastion’s decision, the agency concluded that the proposed custody, conversion, stablecoin issuance and issuer-support services constitute trust-company operations or related activities permitted under federal banking law.

For Bastion, the path forward runs through the outstanding OCC conditions and the required purchase of Federal Reserve bank stock before opening. Across the sector, the OCC’s final stablecoin rule, expected November, will help set the framework under which these new charters operate.