‘Spy Sheikh’ Holds Major Stake in Trump Family’s New Crypto Bank: Report

An Abu Dhabi royal known as the "spy sheikh" is reportedly behind the largest shareholder stake in the Trump family's latest push into banking through its cryptocurrency company, World Liberty Financial.

Sheikh Tahnoon bin Zayed al Nahyan and other investors make up StringZ Holding RSC, which owns 49% of WLTC Holdings, the entity established for World Liberty's banking operation, The Wall Street Journal reported Thursday, citing people familiar with the matter. A Trump family-affiliated entity owns another 38%.

Tahnoon, the brother of the United Arab Emirates' president and the country's national security adviser, previously backed a $500 million investment for a 49% stake in World Liberty. That deal was signed four days before President Donald Trump returned to office and ultimately directed $263 million to Trump family entities, according to Trump's financial disclosure.

This latest revelation comes after the Office of the Comptroller of the Currency gave World Liberty preliminary conditional approval this month to establish a federally chartered national trust bank. The company must still clear additional requirements and an OCC examination before beginning operations.

The bank would allow World Liberty to directly issue and manage USD1, its dollar-backed stablecoin, which currently has a market value of roughly $4 billion. According to the Journal, World Liberty says the assets supporting the coin are held in U.S. Treasurys and other cash equivalents, which generate an estimated $150 million annually in interest.