Trump-backed World Liberty wins conditional bank charter from federal regulator
The Office of the Comptroller of the Currency has granted a conditional national trust bank charter to World Liberty, a company partially owned by President Trump. The bank will focus on fiduciary services and the issuance of the USD1 stablecoin.
Why it matters
The approval highlights ongoing tensions regarding the intersection of political influence and the regulation of crypto-native banking institutions.
The Office of the Comptroller of the Currency, the U.S. banking agency that grants federal charters, said in a letter posted to its website that World Liberty could operate fiduciary and other trust company-related activities as a national trust bank.
“This preliminary conditional approval is granted based on a thorough evaluation of all information available to the OCC, including the representations and commitments made in the application and by the Bank’s representatives,” the letter said.
Final approval won’t be granted until the company meets additional “preopening requirements,” the letter said.
According to the letter, World Liberty Trust Company will focus on services tied to World Liberty Financial’s USD1 stablecoin.
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