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FollowingBastion: stablecoin infrastructure company approved to transform into National Trust Company
Stabillecoin infrastructure company Bastion has received conditional approval from the Office of the Comptroller of the Currency (OCC) to rename its New York trust company to Bastion Platforms National Trust Company. When remaining conditions are met, the charter will unify stablecoins issuance, custody and conversion operations under a federally regulated entity, bringing stablecoins closer to becoming an acceptable part of the infrastructure of banks and fintech companies.
Custody business alone is not enough to make the news focus. More importantly, Bastion's approved business model also includes providing white-label stablecoin issuance and related issuer services . This means that companies can implement dollar tokenization projects without building their own complete technology stacks.
Integration of issuance, custody and redemption
According to OCC Decision No. 1391, Bastion submitted a conversion application on March 30, 2026 with license number 27198. Its main place of business is located at 216 Bowery Street, New York City. In addition, the OCC approved a request for citizenship exemption from one of its directors.
获批的业务活动包括白标稳定币发行、受托托管钱包、为托管客户进行法定货币与USDC之间的兑换，以及协助其他受监管的稳定币发行人。根据Bastion的公告，企业将通过单一受联邦监管的交易对手访问其一系列产品。该公司不发行自有稳定币，已与索尼银行建立合作伙伴关系，并获得Andreessen Horowitz和Coinbase Ventures的支持。
联邦监督使Bastion的服务纳入更符合主流银行业监管结构的框架中。首席执行官Nassim Eddequiouaq表示，OCC的批准是这一转型的一部分。
“稳定币已从新兴技术转变为核心金融基础设施，这需要不同标准的信任度、治理能力和监管严谨性。”——Nassim Eddequiouaq，Bastion首席执行官
自2025年2月获得纽约信托特许状以来，Bastion一直致力于实现联邦监管。它还增加了四位来自美国运通、摩根士丹利、安永（EY）和Optum的董事会成员及顾问。
特许状的局限性
国民信托银行提供的服务与传统的全方位商业银行不同。根据OCC的说法，Bastion Platforms National Trust Company不得吸收存款，也不享有联邦存款保险公司（FDIC）的保险覆盖。在开始运营之前，它必须从美联储购买股票，并遵守OCC设定的所有剩余条件。
此外，特许状并不意味着自动接入美联储的支付系统。据此前报道，美联储提出的专用支付账户并不会扩大允许开设美联储账户的组织范围。与传统存贷模式相比，其吸引力在于拥有联邦监督和托管基础设施。
GENIUS法案塑造的特许状热潮
Bastion正加入快速移动的队列之中。货币监理长Jonathan Gould在8月表示，OCC在大约18个月内收到了40份新银行特许状申请，其中23份涉及数字资产活动——这是过去四年同期增长八倍的结果。
Circle于7月10日获得最终批准，将在2025年12月获得有条件批准后开设Circle National Trust。根据Davis Wright Tremaine律师事务所的信息，BitGo、Fidelity Digital Assets和Paxos等公司也在同年12月获得了有条件批准。
2025年7月18日颁布的GENIUS法案正在塑造相关框架。OCC在2月提出了涵盖储备资产、赎回、托管、风险管理和发行人监督的规则提案，Gould表示预计11月将出台最终规则。
OCC数字资产特许状竞赛：40份申请，23份涉及加密货币#
更大的资金流动与反对声音
Nellie Liang and Brent Neiman, researchers at the Brookings Institution, pointed out that as of June 2026, the stablecoin market size is approximately US$270 billion. Because the GENIUS Act requires qualified reserve assets such as short-term Treasury bonds, this increase may affect demand for short-term U.S. government debt and bank financing.
The Bank for International Settlements (BIS) warned in August that the widespread use of dollar-linked stablecoins could lead to "digital dollarization" and weaken the monetary sovereignty of certain economies.
The charter wave has also faced legal and policy criticism. In a May 18 letter to Gould, Senator Elizabeth Warren noted that the OCC has approved national trust charters for at least nine digital asset companies and believes some planned activities are beyond the trust company's authority.
"These companies are actually crypto banks that want to circumvent the basic safeguards and obligations inherent in being banks."-- Senator Elizabeth Warren
The OCC holds a different legal view. In its decision against Bastion, the OCC concluded that the proposed custody, conversion, stablecoin issuance and issuer services are trust company business or related activities permitted under federal banking law.
