UAE 'Spy Sheikh' Takes Stake in Trump Family Bank Venture

Sheikh Tahnoon bin Zayed al Nahyan, the national security advisor of the UAE and brother of the country's president, has taken a significant stake in President Donald Trump's family bank venture. According to The Wall Street Journal, Sheikh Tahnoon and co-investors hold a 49% stake in WLTC Holdings, the holding company created by World Liberty Financial to pursue a bank charter.

The bank's preliminary approval from the Office of the Comptroller of the Currency comes weeks after WLF created a new trust company to secure a banking license. This move will allegedly allow WLF to offer stablecoin issuance and redemption, on-ramp and off-ramp services, and custody and conversion.

The WSJ reported that Sheikh Tahnoon and other investors used a separate entity called StringZ Holding RSC to acquire the stake in WLTC Holdings. The investment vehicle backed by Sheikh Tahnoon secretly acquired a 49% stake in World Liberty Financial for $500 million just days before President Trump's inauguration, according to earlier reporting from The WSJ.