Bastion, a stablecoin infrastructure company, received conditional approval from the Office of the Comptroller of the Currency (OCC) to convert its New York trust company to Bastion Platforms National Trust Company. The charter, once remaining conditions are met, will consolidate stablecoin issuance, custody, and conversion under one federally regulated entity.
The approval grants Bastion authority to offer white-label stablecoin issuance and related issuer services, allowing other companies to implement dollar-token programs without building the full infrastructure independently. Approved activities include fiduciary custodial wallets, fiat-to-USDC conversion for custody clients, and assistance for other regulated stablecoin issuers.
According to OCC Corporate Decision #1391, Bastion submitted its conversion application on March 30, 2026, under Charter Number 27198. Its primary office will be located at 216 Bowery in New York City. The company does not issue its own stablecoin but has partnered with Sony Bank and is supported by Andreessen Horowitz and Coinbase Ventures.
Bastion CEO Nassim Eddequiouaq stated that federal oversight represents a shift in how stablecoins are treated. "Stablecoins have moved from emerging technology into core financial infrastructure, and that requires a different standard of trust, governance and regulatory rigor," he said.
The national trust bank charter carries specific limitations. Bastion will not be permitted to accept deposits or obtain Federal Deposit Insurance Corporation (FDIC) coverage. The company must acquire stock from a Federal Reserve bank before beginning operations and comply with all remaining OCC conditions.
Bastion has been pursuing federal supervision since receiving its New York trust charter in February 2025. The company added four board members and advisors with experience at American Express, Morgan Stanley, EY, and Optum.
Growing Charter Applications
Bastion joins a significant increase in digital-asset charter applications. OCC Comptroller Jonathan Gould reported that the agency received 40 new-bank charter applications over approximately 18 months, with 23 involving digital-asset activity—an eightfold increase from the previous four years.
Circle received final approval on July 10 to open Circle National Trust following December 2025 conditional approval. BitGo, Fidelity Digital Assets, and Paxos also received conditional approvals in December, according to Davis Wright Tremaine.
The GENIUS Act, enacted July 18, 2025, is shaping the regulatory framework. The OCC proposed rules in February addressing reserve assets, redemption, custody, risk management, and issuer oversight, with a final rule expected by November.
Regulatory Context and Criticism
The stablecoin market reached approximately $270 billion as of June 2026, according to Brookings researchers Nellie Liang and Brent Neiman. The GENIUS Act's requirement for eligible reserve assets such as Treasury bills could affect demand for short-term U.S. government debt and bank funding.
The charter wave has drawn criticism from lawmakers and international institutions. Senator Elizabeth Warren wrote to Comptroller Gould on May 18, stating that the OCC had approved at least nine national trust charters for crypto companies. Warren argued that some planned activities exceeded the limits of trust-company powers, characterizing the companies as "effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank."
The Bank for International Settlements warned in August that broader use of dollar-pegged stablecoins could contribute to "digital dollarisation" and potentially weaken monetary sovereignty in some economies.
The OCC maintains a different legal interpretation. In Bastion's decision, the agency concluded that the proposed custody, conversion, stablecoin issuance, and issuer services constitute trust-company operations or related activities permitted under federal banking law.
