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Trump-Backed Crypto Firm One Step Away From Federal Bank Charter Amid Controversy

Guavy AI Editorial Team
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The Office of the Comptroller of the Currency (OCC) has granted World Liberty Trust Company, backed by President Donald Trump's family, preliminary conditional approval to operate as a national trust bank.

The company plans to take over USD1 stablecoin issuance from BitGo Bank and Trust, which currently serves as the exclusive issuer and custodian. The bank also intends to offer digital asset custody services to institutional clients.

USD1 has a market cap of $4 billion, ranking it the fourth-largest stablecoin behind Tether and USDCoin. World Liberty Financial applied for the charter in January and must still meet additional pre-opening requirements before final approval is granted.

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