OCC Gives Conditional Approval to World Liberty Financial's National Trust Bank Charter
World Liberty Financial has taken another step towards obtaining a national trust bank charter after receiving preliminary conditional approval from the Office of the Comptroller of the Currency (OCC). This development could expand the company's ability to handle stablecoin issuance, custody, and conversion services.
The OCC determined that World Liberty Trust Company, National Association met certain regulatory and policy requirements. However, final approval is still required before the charter is granted.
World Liberty Financial has been working towards this goal since earlier this year when it created the trust company to pursue a banking license. The company issues the USD1 stablecoin, which has a market capitalization of $4 billion and ranks fourth behind Tether and USDC.
The decision comes as WLF Chief Executive Zack Witkoff aims to build a widely used digital dollar while reinforcing the role of the U.S. dollar in the global economy. The company also plans to serve institutional clients, including market makers, exchanges, and investment firms.
However, the application has drawn criticism from Democratic lawmakers due to concerns over potential conflicts of interest tied to Donald Trump's ties to World Liberty Financial. Senator Elizabeth Warren had previously urged the OCC to halt the review process until Trump divests from the company.