Trump Administration OKs Bank-Like Status for World Liberty Financial Stablecoin Venture
The Trump administration has conditionally approved a national trust bank charter for World Liberty Financial (WLF), allowing its stablecoin USD1 to be issued to institutional clients. The move enables WLF, co-founded by President Donald Trump and his sons, to act like a bank and earn interest from corporate transactions. This unprecedented arrangement will allow the president's family to pocket interest earned from corporate deals.
According to a letter written by the Office of the Comptroller of the Currency, an independent Treasury Department bureau, WLF's charter allows it to issue USD1 to institutional clients, convert other stablecoins to its own digital token, and operate as a fiduciary for digital assets. This means WLF can now offer financial services similar to those of traditional banks.
The conditional approval comes after Trump reported over $1.1 billion in crypto earnings in financial disclosures from last year, including more than $515 million from WLF token sales and $65 million from equity sales in the venture's holding company.