Trump-Backed Crypto Venture Wins Conditional Bank Charter Approval

A US regulator has conditionally approved a bank charter for World Liberty Financial, a crypto venture backed by President Donald Trump's family. The Office of the Comptroller of the Currency granted conditional preliminary approval to World Liberty Trust Company's application for a national trust charter.

The charter would allow World Liberty to manage and hold assets on behalf of customers and settle payments faster. It does not permit deposit-taking or lending like traditional banks, but it would enable the company to directly issue its USD1 stablecoin and custody US dollar assets backing it.

Zach Witkoff, president and chairman of World Liberty Trust, welcomed the conditional approval as a 'milestone' in the company's efforts to open a bank. The charter is subject to conditions, including notifying the regulator of any major business plan changes and maintaining at least $20 million in capital.

World Liberty Financial has been a lucrative venture for the Trump family, with Reuters estimating they earned about $50 million from the USD1 stablecoin as of June 2026. The company's stated vision is to democratize finance by allowing anyone to bypass traditional banking systems.