Trump-Backed Stablecoin Firm Secures Federal Banking Charter

The Office of the Comptroller of the Currency (OCC) has granted conditional approval to World Liberty Trust Co., a limited-purpose national trust bank, tied to World Liberty Financial. The charter allows the entity to handle issuance, custody, and redemption services for its USD1 stablecoin.

The trust company operates under a limited-purpose charter, which means it cannot make loans or accept federally insured deposits. Instead, it can perform activities related to its stablecoin infrastructure.

Multiple crypto firms have received conditional approvals for bank charters under this administration, making World Liberty Trust Co. part of a broader trend.

Sen. Elizabeth Warren has flagged a conflict of interest: a sitting president's family operating a federally regulated financial entity while the administration simultaneously loosens the rules that govern such entities.