Bastion Secures Conditional Approval from OCC for Nationwide Trust Bank Transition

Bastion, a stablecoin infrastructure company, has entered the process of transitioning to a nationwide trust bank after receiving conditional approval from the U.S. Office of the Comptroller of the Currency (OCC). In its September 18 announcement, Bastion stated that upon completion of the transition, it will be able to offer stablecoin custody, wallet, and payment infrastructure services along with white-label issuance under federal regulatory oversight.

The OCC conditionally approved Bastion's application on the same day to convert its New York trust company, Bastion Platforms Trust Company, into an uninsured nationwide trust bank. The new entity will be named Bastion Platforms National Trust Company and will not accept deposits or be insured by the Federal Deposit Insurance Corporation (FDIC). Once Bastion meets all transition requirements and receives operational approval, it plans to provide stablecoin custody, wallet services, payment infrastructure, and issuance, redemption, and fiat conversion services for businesses and financial institutions. The OCC's decision document states that Bastion will officially receive operational approval upon fulfilling all conditions and transition requirements.