World Liberty Nears OCC Approval for Trust Bank Charter

World Liberty Financial is on the verge of receiving approval from the Office of the Comptroller of the Currency (OCC) to operate as a federally chartered trust bank. This development would allow the company to expand its powers in issuing and redeeming its USD1 stablecoin, manage reserves, provide custody, conversion, and settlement services under a single federal regulator.

The OCC's decision is expected shortly, with sources indicating that approval is nearly certain. World Liberty filed its application in January after setting up a US trust company, which followed the OCC's conditional approval of several other crypto firms, including Circle, Ripple, and BitGo.

A trust charter would enable World Liberty to bypass many state-level regulations and enhance its credibility with US institutions. This could lead to more direct and efficient payments and settlement on its platform.