A US banking regulator has conditionally approved a bank charter application linked to President Donald Trump and his family's crypto venture, World Liberty Financial. The Office of the Comptroller of the Currency (OCC) said it granted preliminary approval to World Liberty Trust Company's application for a national trust charter. The company applied for the charter in January this year. If it receives final approval, the trust bank would be able to hold and manage assets for customers and settle payments. The charter would also allow World Liberty to directly issue its USD1 stablecoin and hold the US dollar assets backing it.
According to a report by Reuters, the OCC published a letter on August 14 granting conditional preliminary approval to World Liberty Trust Company's application for a national trust charter. However, the approval is not yet final. The company must meet conditions set by the regulator before receiving the charter.
USD1 stablecoin could move under World Liberty
The charter could give World Liberty more control over its USD1 stablecoin business. If approved, World Liberty Trust could directly issue USD1 and hold the US dollar assets that support the stablecoin. Those activities are currently handled by business partner BitGo.
