OCC Greenlights Trump-Linked Crypto Venture's National Trust Bank

The Office of the Comptroller of the Currency (OCC) has granted preliminary approval to World Liberty Financial, a cryptocurrency venture co-founded by President Trump and his sons, to establish a national trust bank. The bank would issue and manage the USD1 stablecoin, which has grown into the fourth-largest stablecoin with a market value of about $4 billion.

The proposed bank, World Liberty Trust Company, would be headquartered in Bay Harbor Islands, Florida. It would serve cryptocurrency exchanges, investment firms, and other institutional customers. The OCC said the proposed activities are permitted under federal banking law and that Congress expressly recognized the authority of uninsured national banks to issue stablecoins when it enacted the GENIUS Act.

The approval is not final and World Liberty must meet a series of conditions before it can begin operating, including maintaining at least $20 million in capital and keeping at least half of that in liquid assets. The OCC can modify, suspend, or rescind the approval if circumstances change.