US OCC Conditionally Approves Bastion's Conversion to Federal Trust Bank

The U.S. Office of the Comptroller of the Currency (OCC) has conditionally approved the conversion of Bastion Platforms Trust Company to a federal trust bank. Under this approval, Bastion will operate as 'Bastion Platforms National Trust Company' and provide institutional services including digital asset custody, stablecoin issuance and redemption, wallet and payment solutions, and fiat currency exchange—all under federal regulation. However, the company cannot accept deposits or qualify for Federal Deposit Insurance Corporation (FDIC) insurance.

The OCC also conditionally approved the establishment of federal trust banks by Catena and Agora on the same day.