World Liberty Trust Company Secures Conditional OCC Approval for USD1 Stablecoin Bank
World Liberty Trust Company has secured conditional approval from the Office of the Comptroller of the Currency (OCC) to organize a national trust bank for its USD1 stablecoin. The proposed bank will handle USD1 issuance, redemptions, reserve management, and institutional digital asset custody.
The OCC granted the preliminary conditional approval as part of a multi-step chartering process. World Liberty Financial, the company behind USD1, said the proposed bank will operate as a national trust bank after meeting the OCC's requirements.
Before opening, WLTC must satisfy conditions outlined in the OCC approval letter and complete the remaining chartering steps. The bank plans to maintain institutional controls and regular regulatory oversight once it opens, with independent directors bringing accounting, regulatory, and financial services experience to the board.