WASHINGTON—The Office of the Comptroller of the Currency has granted preliminary conditional approval to a closely watched charter application from World Liberty Financial, moving the Trump family-tied cryptocurrency venture closer to operating a federally regulated national trust bank.
The OCC said World Liberty Trust Company, N.A., would be headquartered in Bay Harbor Islands, Fla., and operate as a wholly owned subsidiary of WLTC Holdings LLC.
The proposed bank would issue and redeem World Liberty’s USD1 stablecoin, maintain reserves backing the token and provide digital-asset custody and related services. Unlike a traditional commercial bank, the trust company would not take deposits or make loans. Reuters reported USD1, launched in March 2025, has grown to about $4 billion in market capitalization, making it the fourth-largest stablecoin.
The approval is not final. The OCC said World Liberty must satisfy a series of preopening requirements before receiving authorization to begin business, including maintaining at least $20 million in capital and establishing appropriate risk-management, compliance and internal-audit functions. The agency said it can modify, suspend or rescind the preliminary approval if developments warrant.
The application has drawn scrutiny because of President Donald Trump’s and his family’s financial ties to World Liberty. Sen. Elizabeth Warren (D-MA) and other Democrats previously pressed Comptroller Jonathan Gould over potential conflicts and foreign investment in the company, including seeking information about its ultimate beneficial owners. Reuters reported the OCC said career staff conducted the review and that Gould and agency employees acted consistently with their statutory and ethical obligations.
