WASHINGTON –World Liberty Financial, the cryptocurrency venture backed by members of President Donald Trump’s family, has applied for a national trust bank charter with federal regulators, a move that would mark a significant step in integrating its digital-asset business into the traditional U.S. banking system.
The subsidiary, WLTC Holdings LLC, submitted a de novo application to the Office of the Comptroller of the Currency for a charter to establish World Liberty Trust Company, NA. If approved, the trust bank would be authorized to issue and custody the firm’s dollar-backed stablecoin, USD1, and provide related services such as redemption and digital asset custody under federal oversight.
In a statement, World Liberty Financial said USD1 has reached more than $3.3 billion in circulation since its launch in 2025, one of the fastest growth rates among stablecoins. Under the charter plan, the bank would aim to consolidate issuance, custody and conversion services, including fee-free conversion between U.S. dollars and USD1 at launch, according to the company.
To Be OCC-Supervised
The proposed entity would operate under the OCC’s supervision, which licenses and oversees national banks and trust companies. Trust banks typically do not take deposits or make loans but can hold assets for customers and provide fiduciary services.
World Liberty’s leaders said in a statement the charter would bring greater regulatory clarity and allow the venture to serve institutional clients including crypto exchanges, trading firms and investment managers. A spokesperson said the structure would enable the business to integrate issuance, custody and other services under a regulated framework.
Conflicts of Interest Cited
Government watchdogs issued statement saying the Trump family’s involvement raises questions about potential conflicts of interest and political scrutiny.
The OCC did not immediately respond to media requests for comment on World Liberty’s application. Analysts have noted the review process for a new banking charter can take many months and includes rigorous evaluation of capital adequacy, management, compliance controls and business plans.
