WLFI Surges on Conditional Approval for US Bank Charter

The OCC has granted conditional approval to World Liberty Financial's national trust bank application. The move is expected to change how the project operates its rapidly growing USD1 stablecoin, allowing it to issue and custody the asset directly under federal supervision.

The approval comes with conditions that must be met before the bank can open, including maintaining at least $20 million in capital, establishing adequate compliance and internal audit systems, and passing pre-opening examinations.

The conditional approval has resulted in a price uptick for World Liberty's native token, WLFI, which surged 5.5% but was quickly rejected at $0.06. The market cap of WLFI stands at $1.8 billion, making it the 42nd-largest cryptocurrency by that metric.