World Liberty Financial Gets OCC Conditional Approval for National Trust Bank

World Liberty Financial, the crypto project tied to U.S. President Donald Trump, has received conditional approval from the Office of the Comptroller of the Currency (OCC) for its national trust bank charter.

The OCC sent a preliminary conditional approval letter to World Liberty Trust Company National Association, a WLF unit, on August 14. The letter stated that the proposal met certain regulatory and policy requirements.

WLF set up a separate trust entity earlier this year to obtain an OCC bank charter. If it secures final approval, the company would be able to offer stablecoin issuance and redemption, fiat conversion services, and custody and conversion operations.

The USD1 stablecoin issued by WLF currently has a market capitalization of $4 billion, making it the fourth-largest stablecoin after Tether's USDT and USD Coin's USDC. CEO Jack Witkoff aims to build the world's most trusted and widely used digital dollar while reinforcing the U.S. dollar's standing in the global economy.

The conditional approval is not a final charter, with other crypto firms like Coinbase, Paxos, BitGo, Ripple, and Circle also receiving conditional approvals from the OCC over the past year.