OCC Gives Preliminary Nod to Trump-Linked Crypto Venture's Bank Charter

A US banking regulator has granted preliminary approval to World Liberty Trust Company's application for a national trust charter, a move that could give President Donald Trump's family-owned crypto venture more control over its USD1 stablecoin business.

The Office of the Comptroller of the Currency (OCC) published a letter on August 14 granting conditional preliminary approval to World Liberty Trust Company's application for a national trust charter. The company applied for the charter in January this year and must now meet conditions set by the regulator before receiving final approval.

The OCC has set several conditions, including requiring World Liberty Trust to notify it about major changes to its business plan, maintain at least $20 million in capital, and hire a qualified employee as its internal audit manager. The company's USD1 stablecoin business could also be affected, as the charter would allow it to directly issue USD1 and hold the US dollar assets backing it.

Zach Witkoff, president and chairman of World Liberty Trust, welcomed the decision, saying that a national trust bank 'brings USD1 issuance, custody, and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations.'