OCC Grants Conditional Approval to Trump-Backed World Liberty Trust Bank Application

ME News reports that on August 15 (UTC+8), 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 closer to obtaining a national trust bank charter. In its letter, the OCC stated that World Liberty’s application satisfies certain regulatory and policy requirements, warranting preliminary conditional approval. However, this does not constitute final approval, as the OCC retains the right to withdraw this authorization. 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 such a charter would enable it to offer services including stablecoin issuance and redemption, fiat on- and off-ramps, custody, and exchange. WLF currently issues the stablecoin USD1, with a market capitalization of approximately $4 billion, making it the fourth-largest stablecoin after Tether and USDC. On Friday, WLF CEO Zack Witkoff stated on X that the company aims to build “the most trusted and widely used digital dollar globally,” while strengthening the dollar’s role in the global economy. Zack Witkoff is the son of Steve Witkoff, Trump’s special envoy to the Middle East. Overall, this approval may further solidify WLF’s position within the U.S. stablecoin and digital asset banking infrastructure; however, its political connections may continue to spark regulatory and ethical concerns. (Source: ODAILY)