World Liberty Gets Conditional OCC Approval for National Trust Bank

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World Liberty Financial, the crypto project tied to U.S. President Donald Trump, has received conditional approval to establish a national trust bank.

The Office of the Comptroller of the Currency sent a preliminary conditional approval letter to World Liberty Trust Company National Association, a WLF unit, The Block reported on August 14. In the letter, the OCC said it granted preliminary conditional approval for the charter application after determining the proposal met certain regulatory and policy requirements.

WLF set up a separate trust entity earlier this year to obtain an OCC bank charter. If it secures final approval, the company would be able to offer stablecoin issuance and redemption, fiat conversion services, and custody and conversion operations. WLF currently issues USD1, a stablecoin with a market capitalization of $4 billion. It is the fourth-largest stablecoin after Tether's USDT and USD Coin's USDC.

Chief Executive Officer Jack Witkoff wrote in a post on X that the company aims to build the world's most trusted and widely used digital dollar while reinforcing the U.S. dollar's standing in the global economy. Witkoff is the son of Steve Witkoff, Trump's Middle East envoy.