Trump-Linked Crypto Bank Wins OCC Approval Amid Controversy Over UAE Investment
World Liberty Trust Company has received preliminary conditional approval from the Office of the Comptroller of the Currency to organize as a national trust bank. This development marks a significant milestone in the company's push into federally regulated banking, but it is not a final bank charter.
The OCC decision grants World Liberty Trust Company conditional preliminary approval, which means the company must satisfy additional requirements before opening, including maintaining at least $20 million in capital and meeting federal supervisory conditions.
The regulatory milestone has significant implications for the stablecoin USD1, which is currently handled partly through outside partners. If final approval follows, World Liberty could bring issuance, reserve custody, and administration of its USD1 stablecoin under the same federally supervised entity.
The ownership structure behind World Liberty Trust Company includes a 49% stake in its holding company held by investors backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser. The Trump-family-affiliated investment vehicle holds another 38%, according to recent reporting.