The Office of the Comptroller of the Currency (OCC) has granted conditional approval to Bastion Platforms Trust Company to convert its New York state trust charter into a national trust bank charter, designated OCC Charter #27198, enabling the firm to operate under direct federal banking oversight. The authorization covers fiduciary custody, white-label stablecoin issuance, wallet solutions, payments, minting, redemption, and fiat conversions involving compliant digital assets like USDC, while explicitly excluding deposit-taking and FDIC insurance. Founded in 2023 by former executives from Andreessen Horowitz’s crypto division, the company raised $14.6 million from strategic investors including Coinbase Ventures, Sony Innovation Fund, and Samsung Next, and maintains a partnership with Sony Bank for stablecoin services. The OCC simultaneously approved conditional charters for Catena and Agora on September 18, signaling a regulatory shift toward bringing stablecoin infrastructure firms within the federal regulatory perimeter.
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