Trump-Linked World Liberty Financial Gets Conditional Approval for National Trust Bank Charter

US regulators have granted conditional preliminary approval for a national trust bank charter to World Liberty Financial, a Trump-linked crypto venture. This allows the company to expand its stablecoin operations and directly issue the USD1 stablecoin.

The Office of the Comptroller of the Currency (OCC) published a letter stating that it has granted conditional approval of World Liberty Trust Company's application for a national trust charter. The charter would permit the newly created trust bank to manage and hold assets on behalf of customers, settle payments faster, and provide other settlement and asset servicing functions.

World Liberty Financial welcomed the conditional approval, calling it a 'milestone' in its efforts to open the bank. Zach Witkoff, World Liberty Trust president and chairman, stated that the charter would allow for USD1 issuance, custody, and reserve management under OCC supervision.