The Office of the Comptroller of the Currency (OCC) has given preliminary, conditional approval to a national trust bank tied to World Liberty Financial — the crypto venture that is partially owned by an entity affiliated with former President Donald J. Trump and members of his family. What was approved - The OCC’s letter, posted Friday on its website, advances World Liberty Financial’s plan to form World Liberty Trust Company, National Association, a national trust bank based in Bay Harbor Islands, Florida. - The trust would focus in part on issuing and managing a USD1 stablecoin: issuing and redeeming USD1, maintaining reserves to back the token, and providing digital-asset custody and related services to institutional clients. Who’s behind it - World Liberty Financial says it is 38% owned by “an entity affiliated with Donald J. Trump and certain of his family members.” - Zach Witkoff, president and chairman of the proposed trust and co‑founder and CEO of World Liberty Financial, called the OCC decision a “milestone.” He said the bank would “bring USD1 issuance, custody and reserve management together under OCC supervision,” and posted the venture’s ambition on X: “to build the most trusted and widely used digital dollar in the world while strengthening the role of the U.S. dollar across the global economy.” - The company’s leadership also includes Eric Trump, recently named an ALT5 board director, and Donald Trump Jr., listed as an ALT5 board observer. Witkoff is the son of Steve Witkoff, who serves as a U.S. special envoy. Regulatory review and next steps - The OCC emphasized that the approval is preliminary and conditional. The trust cannot begin operations until it satisfies a series of additional requirements and secures final OCC sign-off. - The OCC’s letter addressed public objections on several fronts — potential conflicts tied to the Trump family, foreign investment, how the stablecoin would be regulated, FDIC insurance questions, and concerns about regulatory favoritism. The agency said career OCC staff reviewed the application under established statutory, regulatory and policy standards and rejected those objections as grounds for denial. Why it matters - A nationally chartered trust bank focused on a dollar‑pegged stablecoin would be a high‑profile test of how traditional banking charters intersect with the emerging tokenized-dollar market. The OCC noted that de novo banks can spur innovation and competition, suggesting regulators view new entrants as part of a healthy, modern banking system. What’s next - World Liberty Trust must meet the OCC’s conditional requirements before it can open and operate. The OCC and World Liberty Financial will continue to be watched closely by industry observers, policymakers and the broader crypto market as the application moves through final review. (Reporting contributed by Reuters.)
OCC Grants Conditional Approval for Trump-Linked Firm's USD1 Stablecoin Bank
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Summary
The Office of the Comptroller of the Currency (OCC) has conditionally approved World Liberty Financial’s plan to launch a national trust bank in Florida that will issue a USD1 stablecoin. The firm, linked to an entity tied to Donald J. Trump, must satisfy further requirements before operations start. The OCC said the application was evaluated under standard regulatory frameworks, including rules related to CFT and stablecoin regulation. The trust will operate under OCC supervision for USD1 stablecoin issuance, custody, and reserves.
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