Trump Family Crypto Venture Wins Conditional OCC Approval for Trust Bank Charter, Paving Way for In-House Stablecoin Issuance

The U.S. Office of the Comptroller of the Currency (OCC) on the 14th granted conditional preliminary approval to World Liberty Financial (WLF), a cryptocurrency venture involving President Trump's family, to establish a national trust bank. Once final approval is secured, the company will be able to directly issue and redeem its proprietary stablecoin "USD1" and custody its own backing assets.

The approval covers the application by World Liberty Trust Company (WLTC), backed by WLF, to operate as a national trust bank. According to WLF's website, 38% of the company's equity is held by "entities associated with Donald J. Trump and certain members of his family."

According to a letter published by the OCC, the approval carries multiple conditions. These include maintaining minimum capital of $20 million (approximately ¥3 billion), notifying regulators of any material changes to the business plan, and hiring a qualified internal audit officer. WLTC must satisfy these conditions and pass final OCC review before commencing operations.

Positioning of the Trust Bank and Impact on USD1

Unlike traditional commercial banks, WLTC will not be permitted to accept deposits or make loans. It will not seek FDIC insurance coverage, a Federal Reserve master account, or status as a "bank" under the Bank Holding Company Act.