Trump-Backed Crypto Firm Receives Conditional Bank Charter Approval

A Trump-backed crypto company, World Liberty Financial, has received conditional approval for a national bank charter from the US Office of the Comptroller of the Currency (OCC). The approval allows World Liberty to expand its stablecoin operations, including directly issuing and holding assets for customers. This is part of the company's efforts to democratize finance and bypass traditional banking systems.

The charter will also enable World Liberty to custody U.S. dollar assets backing its USD1 stablecoin, currently handled by a business partner, BitGo. The OCC noted that it had received comments raising concerns about non-U.S. investors in the company, but stated that such investors are not considered principal shareholders and have signed 'passivity agreements' vowing not to control or influence the bank's operations.

World Liberty Trust's leadership is deeply intertwined with Trump's longtime allies, the Witkoff family, with Zach Witkoff serving as its CEO. The company has grown quickly since being announced in March 2025 and is currently the fourth largest stablecoin by market capitalization at around $4 billion.