OCC conditionally approves Bastion’s conversion to a federal trust bank

The U.S. Office of the Comptroller of the Currency has conditionally approved Bastion Platforms Trust Company’s conversion into a federal trust bank, according to Crypto Briefing. Under the approval, Bastion will convert into Bastion Platforms National Trust Company and will be able to provide institution-focused services under federal regulation, including digital asset custody, stablecoin issuance and redemption, wallet and payments, and fiat currency exchange. The entity will not be allowed to accept deposits, however, and will not be covered by Federal Deposit Insurance Corp. insurance. OCC also conditionally approved the establishment of federal trust banks for Catena and Agora the same day.