Trump Stablecoin Bank Gets OCC Charter, Backed by UAE Entity
The Office of the Comptroller of the Currency (OCC) has cleared World Liberty Trust Company to issue and redeem USD1, a stablecoin backed by an entity tied to Sheikh Tahnoon bin Zayed al Nahyan and a Trump family entity.
The bank is owned by WLTC Holdings, with an entity tied to Sheikh Tahnoon holding 49% of the shares and a Trump family entity holding 38%. The OCC did not list these percentages in its public decision.
The stablecoin has a market value near $4.1 billion, ranking 24th among all crypto assets. The bank needs about $1 of its own capital for every $205 of USD1 outstanding.