Trump-backed crypto venture wins conditional bank approval

World Liberty Financial, the cryptocurrency venture backed by President Donald Trump and his family, has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank.

World Liberty Trust Co applied for a national trust charter in January 2026. The preliminary approval would allow World Liberty Financial to operate World Liberty Trust and expand its role in issuing and managing USD1, its dollar-backed stablecoin. The bank would also be able to provide digital asset custody and related services to institutional clients.

World Liberty will still need to meet conditions set by the OCC and pass a final examination before the bank can begin operating. The regulator has mandated the company to maintain at least $20 million in capital, establish internal audit controls and to notify the OCC of any major changes to its business plan.

The proposed bank would have a narrower remit than a conventional commercial bank. It would not be permitted to accept deposits or make loans, instead focusing on trust and custody services and stablecoin-related activities.

USD1 has grown to more than $4 billion in circulation since its launch in March 2025, making it one of the largest dollar-backed stablecoins. The OCC approval gives World Liberty a route to bring the stablecoin business under direct federal banking supervision.

World Liberty was founded in 2024 by members of the Trump and Witkoff families. The Trump administration has recently been seeking to establish a more supportive regulatory framework for the digital asset sector.