UAE Investors Backed by Tahnoun Acquire Stake in Trump's Crypto Bank

Investors from the UAE have acquired a significant stake in Trump's future crypto bank through StringZ Holding RSC. The entity was registered in Abu Dhabi in April and later in Delaware, with Tahnoun retaining his stake in the banking sector.

The OCC approved WLFI's application to launch a national trust bank in August, which will issue and hold USD1 as well as provide cryptoasset custody services. However, the company must meet several requirements and pass a final regulatory review before operations begin.

StringZ Holding holds a 49% stake in World Liberty Financial through Aryam Investment 1, which invested $500 million directly in WLFI in February. The three major shareholders, including StringZ Holding and Trump's entity, signed passive ownership agreements to avoid seeking control of the bank or interfering with its management.

The new bank will transfer functions from BitGo, which currently issues USD1 and acts as custodian of reserves, once it obtains its final license. WLFI's stablecoin has a market capitalization of $4.08 billion at the time of writing.