21th August 2026
By Anjali Kochhar
OCC Grants World Liberty Trust Company Conditional Bank Charter Approval
A crypto company backed by President Donald Trump’s family has received preliminary approval to establish a federally chartered trust bank, expanding the family’s growing presence in the digital asset industry.
The Office of the Comptroller of the Currency (OCC) gave conditional approval for World Liberty Trust Company (WLTC), an affiliate of Trump family-backed World Liberty Financial, to obtain a national trust bank charter. The proposed institution, however, would be very different from a traditional bank.
WLTC would not operate like conventional banks such as Bank of America or PNC. It would not accept traditional deposits, offer checking or savings accounts, provide ATM services or carry FDIC insurance. Instead, its operations would focus primarily on digital assets, particularly stablecoins.
USD1 Stablecoin Would Be at the Center of WLTC’s Business
The bank would center its business around USD1, a stablecoin issued by World Liberty Financial that is designed to maintain a one-to-one value with the U.S. dollar. Under the preliminary approval, WLTC would be able to directly issue and redeem USD1 for customers across the United States.
How a National Trust Bank Could Boost World Liberty’s Stablecoin
The proposed structure could also create a significant new source of revenue. Stablecoins such as USD1 require reserves to support the tokens in circulation. If, for example, $1 billion worth of USD1 is issued, approximately $1 billion in reserve assets would need to back those tokens. Those reserves can potentially generate interest while they remain invested, creating an incentive for the company to increase USD1 adoption.
Currently, crypto infrastructure company BitGo handles key parts of USD1’s operations. WLTC would bring several of these functions in-house if it ultimately receives final approval.
The development adds another major chapter to the Trump family’s growing crypto business. Financial disclosures indicate that Trump earned more than $1 billion from crypto-related activities last year, including revenue connected to World Liberty Financial and its token sales.
But the proposed bank has also sparked concerns about potential conflicts of interest. Critics argue that allowing a sitting president’s family to hold a stake in a federally chartered financial institution creates an unprecedented situation.
Sen. Elizabeth Warren criticized the approval, arguing that it raises serious concerns about presidential influence over the financial system. The OCC, however, said the application was reviewed by career staff and that chartered institutions remain subject to regulatory supervision and enforcement.
What Happens Before World Liberty Trust Gets Final Approval?
WLTC has not received final approval yet. Before beginning operations, the company must satisfy additional requirements, including raising sufficient capital and completing other pre-opening conditions.
If approved, the institution could give Trump’s crypto business a more direct role in issuing and managing a major dollar-backed digital asset; further blurring the line between political power, traditional finance, and the rapidly expanding cryptocurrency industry.
