Odaily Planet Daily reports: On Friday, the U.S. Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval to World Liberty Trust Company, National Association, bringing Trump-backed World Liberty Financial one step closer to obtaining a national trust bank charter.
In its letter, the OCC stated that World Liberty’s license application satisfies certain regulatory and policy requirements, and therefore has been granted preliminary conditional approval. However, this does not constitute final approval, and the OCC may still withdraw this approval.
Earlier this year, World Liberty Financial established a new trust company with the aim of applying for a bank charter from the OCC. The company previously stated that this charter would enable it to offer services such as stablecoin issuance and redemption, fiat on- and off-ramps, custody, and exchange. WLF currently issues the stablecoin USD1, which has a market capitalization of approximately $4 billion, making it the fourth-largest stablecoin after Tether and USDC.
WLF CEO Zack Witkoff stated on X on Friday that the company aims to build "the world’s most trusted and widely used digital dollar," while strengthening the dollar’s role in the global economy. Zack Witkoff is the son of Trump’s Middle East envoy, Steve Witkoff. Overall, this approval may further solidify WLF’s position in the U.S. stablecoin and digital asset banking infrastructure, but its political connections could continue to spark regulatory and ethical concerns.