Trump Crypto Bank Gets Preliminary Approval with UAE Backing

The Trump family's cryptocurrency venture, World Liberty Financial, has received preliminary approval from the Office of the Comptroller of the Currency to launch a federally chartered national trust bank. This new development places the proposed bank at the center of World Liberty Financial's stablecoin business, specifically its USD1 dollar-backed stablecoin.

The holding company behind the banking venture is owned by Sheikh Tahnoon bin Zayed al Nahyan and co-investors, who hold a 49% stake in the company. This makes them the largest shareholders in the holding company. The ownership arrangement follows a $500M investment in World Liberty Financial that Tahnoon backed last year in exchange for a 49% stake in the company.

Tahnoon is the United Arab Emirates' national security adviser and the brother of the country's president. He oversees an empire funded by his personal fortune and state money worth more than $1.3 trillion. The Journal reported that he linked investors are behind the entity holding the largest stake in the holding company for the banking venture.