The Office of the Comptroller of the Currency granted Bastion Platforms Trust Company conditional approval on September 18 to convert its New York state trust charter into a national trust bank charter. The authorization, designated OCC Charter #27198, allows the company to operate as Bastion Platforms National Trust Company under direct federal banking oversight.
The federal charter provides a streamlined alternative to the patchwork of state-level regulations. Rather than obtaining separate licenses for each state where it operates, Bastion can now function under a single federal framework.
Scope of Authorization
The OCC's charter authorization covers specific services tied to stablecoin infrastructure, including fiduciary custody, white-label stablecoin issuance, wallet solutions, payments, minting, redemption, and fiat conversions involving compliant digital assets such as USDC.
The charter does not authorize Bastion to accept deposits or obtain FDIC insurance.
Company Background
Bastion was founded in 2023 by two former executives from Andreessen Horowitz's crypto division. In February 2025, the company acquired a New York limited-purpose trust charter through the purchase of Dibbs Trust Company and has since obtained various state money transmitter licenses.
The firm raised $14.6 million in funding backed by Coinbase Ventures, Sony Innovation Fund, and Samsung Next. Bastion maintains a stablecoin services partnership with Sony Bank.
Broader Regulatory Shift
On the same day, the OCC also authorized conditional trust charters for two other firms, Catena and Agora. These approvals reflect a regulatory approach that places stablecoin infrastructure companies within the formal regulatory framework rather than outside it.
