Bastion received preliminary conditional approval from the Office of the Comptroller of the Currency to convert its New York trust company into Bastion Platforms National Trust Company under federal supervision. The entity would provide stablecoin custody and wallets, payment infrastructure, white-label issuance, minting and redemption, and fiat conversion for clients from a single regulated platform. Bastion does not issue its own stablecoin, allowing customers to retain their brands and economics while using its infrastructure. The proposed national trust bank could not accept deposits or make loans, would not receive Federal Deposit Insurance Corp. coverage and would require remaining OCC conditions before beginning operations. The approval adds federal oversight to Bastion’s existing state licenses as digital-asset firms pursue similar charters, including Ripple, Circle, BitGo, Payward, Zerohash and Block.