OCC Approves Trump-Backed Stablecoin Issuer with Conditional Approval

The Office of the Comptroller of the Currency (OCC) has granted conditional approval to World Liberty Financial's trust company, World Liberty Trust Co., to operate as a federally chartered national trust bank. The charter would allow the firm to issue and redeem USD1, the dollar-pegged stablecoin launched by President Trump's crypto venture.

World Liberty Trust is sponsored by World Liberty Financial, which was co-founded by President Trump and his sons. Other family members hold a 38% stake in the sponsor company. The firm has reportedly earned over $1.6 billion through its crypto ventures.

The conditional approval comes with pre-opening requirements that World Liberty must meet before receiving final sign-off. Regulators retain the right to modify, suspend, or withdraw the approval at any point prior to then.