Trump-associated World Liberty Financial seeks federal banking license

World Liberty Financial Seeks National Charter for Trust Company

World Liberty Financial, a cryptocurrency company with close ties to U.S. President Donald Trump, has submitted an application to the Office of the Comptroller of the Currency (OCC) for a national charter. The goal is to establish World Liberty Trust Company, according to an announcement made on Wednesday.

If the OCC approves the application, the new trust company would be responsible for directly issuing the USD1 stablecoin, which is pegged to the U.S. dollar. In addition, World Liberty Trust Company plans to provide custody services and facilitate the conversion of other stablecoins into USD1. Customers would also have the ability to mint and redeem USD1 tokens through the platform.

The company intends to cater primarily to institutional clients, such as crypto exchanges, market makers, and investment firms, as outlined in the official press release.

World Liberty Financial maintains a strong connection to Trump, listing him as "co-founder emeritus" on its website. His three sons are also named as co-founders, and part of the company is owned by DT Marks DEFI LLC, a business controlled by Trump and his family.

The OCC has previously granted trust bank charters to several other crypto firms, including Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos, enabling them to operate as trust banks.

During the Biden administration, the OCC was cautious about approving banks that offered crypto services. However, since Trump assumed office last January, the agency has adopted a more favorable stance toward digital assets. Jonathan Gould, appointed by Trump, became the head of the OCC last summer.

Zach Witkoff, a co-founder of World Liberty, described the charter application as a significant step forward for the company. Should the OCC grant approval, Witkoff is set to become president and chairman of the new trust company.

"USD1 experienced the fastest growth of any stablecoin in its inaugural year," Witkoff stated. "Institutions are already leveraging USD1 for cross-border transactions, settlements, and treasury management. Securing a national trust charter will enable us to unify issuance, custody, and conversion services within a single, highly regulated entity."

Stablecoins in the United States are now generally regulated under the GENIUS Act, which was signed into law by Trump last year. However, federal agencies, including the Treasury Department, are still finalizing the specific regulatory framework.

The treatment of stablecoin yields remains a point of debate as lawmakers continue to negotiate new legislation on the structure of the crypto market. A vote on these market structure bills is scheduled for next Thursday, though some issues have yet to be resolved.