OCC Conditionally Approves Bastion’s Trust Bank Conversion

Key Takeaways

• The OCC conditionally approved Bastion’s conversion from a New York trust company to a national trust bank.
• The proposed bank would not take deposits or carry FDIC insurance.

Details

The Office of the Comptroller of the Currency conditionally approved Bastion’s trust company conversion on September 18, 2026. The proposed entity would operate as Bastion Platforms National Trust Company.

Its business plan covers white-label stablecoin issuance, fiduciary custody of stablecoins and conversion services for custody customers. In its September 18 announcement, Bastion said the charter would bring issuance, custody and conversion under one federally regulated entity. It also supplies technology and operational services to other regulated issuers, which remain the issuer of record.

The OCC’s conditions include at least $6 million in tier 1 capital. For its first three years, the bank must also maintain liquid assets covering 180 days of operating expenses, separately from its other required liquidity buffer.

The conversion still requires an OCC completion acknowledgement authorizing operations under the national charter. The conditional approval expires after six months unless the conversion is completed or the OCC grants an extension.

Market Analysis

Bastion’s proposal combines the operating infrastructure for stablecoin programs with fiduciary custody under federal trust-bank supervision. For enterprise clients, that would consolidate several services with one regulated counterparty. The capital and liquidity conditions also make the provider’s own financial resources part of the transition, alongside its technology and compliance systems.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.