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US Regulator Approves Bank Charter for Trump-Backed Crypto Company

Guavy AI Editorial Team
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The US Office of the Comptroller of the Currency (OCC) has conditionally approved a bank charter application from World Liberty Financial, a crypto venture backed by former President Donald Trump and his family.

The charter would allow World Liberty to manage and hold assets on behalf of customers and settle payments faster, but does not permit deposit-taking or lending like traditional banks.

This is a significant development for the company, which aims to democratize finance through its USD1 stablecoin. The OCC's approval is seen as a milestone in the company's efforts to expand its operations nationwide under a single federal charter.

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