OCC Conditionally Approves Bastion’s Conversion to a National Trust Bank
On September 18, 2026, the OCC conditionally approved the conversion of Bastion Platforms Trust Company into a federal national trust bank. The company cannot yet begin operating under the new charter.
Bastion’s conversion received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) on September 18, 2026. The OCC conditionally approved the conversion of New York-based Bastion Platforms Trust Company, LLC into Bastion Platforms National Trust Company, a federal national trust bank with OCC charter No. 27198.
The decision does not mean that the company has already fully obtained its federal charter or that it can immediately begin providing all planned services. Before commencing operations, it must satisfy the conditions set by the OCC and receive confirmation from the regulator that the conversion has been completed.
Bastion’s conversion under OCC supervision
The OCC approved a plan under which Bastion will provide fiduciary custody wallets for stablecoins, conversions for custody clients, and services for regulated stablecoin issuers. The bank will not accept deposits and will not be insured by the U.S. Federal Deposit Insurance Corporation (FDIC).
The conditional approval creates a path for Bastion from its existing New York state trust license to federal OCC supervision. The decision also shows that, under specified conditions, the OCC permits trust banks to provide custody, conversion services, and services for regulated stablecoin issuers.
It must meet operational conditions before launch
Before beginning operations under the federal charter, Bastion must meet the regulator’s requirements concerning capital, liquidity, operations, and anti-money-laundering programs. The conditions also include obligations under the Bank Secrecy Act (BSA), AML rules, and OFAC sanctions controls.
A key step will be the issuance of the Conversion Completion Acknowledgement by the OCC. Without it, Bastion may not operate as a national trust bank. The completion date for the conversion and the launch date under the new federal charter have not yet been confirmed.
The OCC may modify, suspend, or revoke the approval if the information on which the decision was based changes materially before the transaction is completed.
Stablecoin services and next steps
In its own announcement, Bastion states that the new structure is intended to allow clients to use its product stack through a single federally regulated counterparty. This is the company’s characterization of the future arrangement, not an independently verified result of an already operating bank.
Potential changes to the rules or implementation of the GENIUS Act could affect Bastion’s planned activities related to the issuance and redemption of stablecoins. The key developments to watch next will be confirmation that the conversion has been completed, compliance with capital, liquidity, and BSA/AML/OFAC requirements, and an announcement of the new institution’s operating start date.
Sources
- Office of the Comptroller of the Currency — Corporate Decision #1391 – Primarily confirms the conditional approval of the conversion, the bank’s name, permitted activities, the absence of deposits and FDIC insurance, and the conditions that must be met before operations begin.
- Bastion — Bastion Receives Conditional OCC Approval for a National Trust Bank Charter – Confirms the company’s announcement from September 18, 2026, and the focus of the planned stablecoin services as described by Bastion.
Verified and updated: 09/19/2026 15:22
