US Regulators Approve Bank Charter for Trump-Backed Crypto Firm World Liberty Financial
US regulators have conditionally approved a bank charter for World Liberty Financial, a crypto venture backed by President Donald Trump and his family. The Office of the Comptroller of the Currency (OCC) granted conditional preliminary approval of World Liberty Trust Company's application for a national trust charter in a letter published on its website.
The charter would allow World Liberty to manage and hold assets on behalf of customers, settle payments faster, and directly issue its USD1 stablecoin. It would also enable the company to custody the U.S. dollar assets backing the stablecoin, which is currently handled by BitGo. The OCC noted that the charter's approval was subject to conditions, including notifying the regulator of any major business plan changes and maintaining at least $20 million in capital.
World Liberty Trust's leadership is deeply intertwined with Trump's longtime allies, the Witkoff family. Zach Witkoff, son of special diplomatic envoy Steve Witkoff, currently serves as CEO of World Liberty Financial. Robert Witkoff, a former insurance company executive and brother of Steve Witkoff, will be a director of World Liberty Trust.
The OCC's approval has raised concerns about potential conflicts of interest due to the Trump family's involvement in the company. In February, two Democratic members of the U.S. Senate Banking Committee asked Trump's Treasury secretary to examine the potential national security implications of a reported purchase of a $500 million stake in World Liberty Financial.
World Liberty is the most prominent among the Trump family's lucrative crypto ventures. Its USD1 stablecoin has grown quickly since its announcement in March 2025 and currently holds around $4 billion in market capitalization, making it the fourth largest stablecoin by market cap.