Bastion Platforms receives conditional US national trust bank charter

The U.S. 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 as OCC Charter #27198, the approval allows the firm to operate as Bastion Platforms National Trust Company.

This conditional approval signifies that Bastion has met threshold requirements, but final authorization is contingent upon satisfying specific outstanding conditions. These typically include meeting capitalization thresholds, establishing governance structures, and implementing risk management and compliance programs. Until these conditions are certified, the firm may not commence full trust bank operations.

The federal charter is designed to support stablecoin infrastructure, including fiduciary custody, white-label stablecoin issuance, wallet solutions, payments, minting, redemption, and fiat conversions. However, the charter does not permit Bastion to accept deposits or provide FDIC insurance.

Founded in 2023 by former Andreessen Horowitz executives, Bastion has secured funding from investors including Coinbase Ventures, Sony Innovation Fund, and Samsung Next. The company already maintains a partnership with Sony Bank for stablecoin services.