US Regulator Approves Bank Charter for Trump-Backed Crypto Venture
A US national bank regulator has conditionally approved a bank charter application linked to President Donald Trump's crypto venture, World Liberty Financial. The Office of the Comptroller of the Currency granted preliminary approval for World Liberty Trust Company's application for a national trust charter in January.
The charter would allow World Liberty to manage and hold assets on behalf of customers, settle payments faster, and directly issue its USD1 stablecoin. The company welcomes the conditional approval, calling it a 'milestone' in its efforts to open the bank.
World Liberty's leadership is deeply intertwined with Trump's allies, including the Witkoff family. Zach Witkoff, son of Steve Witkoff, serves as World Liberty Trust Company's CEO and president. The company has grown quickly since its announcement in March 2025, with USD1 becoming the fourth-largest stablecoin by market capitalization at around $4 billion.