US regulator approves bank charter for Trump-backed crypto company World Liberty Financial
The approval could let World Liberty issue and custody its USD1 stablecoin in-house, while the token’s market value is about $4 billion, Reuters reported.
- On Friday, the Office of the Comptroller of the Currency granted conditional preliminary approval for World Liberty Trust Company's national trust charter application, greenlighting expansion of its stablecoin operations.
- Sponsored by World Liberty Financial, which is 38% owned by an entity affiliated with President Donald Trump and his family, the trust applied in January to serve institutional cryptocurrency exchanges and investment firms.
- This charter allows the trust to directly issue its USD1 stablecoin and custody U.S. dollar assets, currently handled by third-party partner BitGo, enabling faster settlement and broader asset management.
- Conditions for approval require the firm to maintain at least $20 million in capital and hire an internal audit manager; the OCC stated staff "acted consistently with their statutory duties and ethical obligations."
- Other crypto firms, including Ripple and Circle, have received similar preliminary approvals under Comptroller Jonathan Gould, as the industry seeks federal charters to court major institutional clients nationwide.
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Trump-Linked Crypto Venture World Liberty Trust Wins Bank Status in Historic First for a President
Internewscast Journal Internewscast A national banking regulator appointed by Donald Trump has given conditional approval… This Post: Trump-Linked Crypto Venture World Liberty Trust Wins Bank Status in Historic First for a President first appeared on Internewscast Journal
Trump family's crypto business gets conditional approval to operate like a bank
An opponent of the move, a ranking Democrat who sits on the Senate Baking Committee, warned that approving the request would be “the most brazen act of self-dealing our financial system has ever seen”
The Trump family is getting closer to getting one of their cryptocurrency-linked companies to operate as a bank
Trump-linked crypto venture World Liberty Trust granted bank status in unprecedented move for president
A national bank regulator granted a wing of the Trump family's crypto business conditional approval to establish a bank charter, opening the door for larger clients.
Trumps’ Family Crypto Project Just Got One Step Closer to Becoming a Bank
Federal regulators have granted a conditional banking charter to World Liberty Financial, the cryptocurrency venture controlled by President Donald Trump and his family, clearing a path for the company to operate more like a traditional bank and issue its own stablecoin directly within the United States. According to a report from Mother Jones, the Office […]
Trump Administration Greenlights World Liberty Financial Bank Charter
World Liberty Financial, the stablecoin and trading platform co-founded by President Donald Trump and his three sons, was conditionally approved for a national trust bank charter on Friday. Altaf Qadri/APThe Trump administration conditionally approved a charter that would allow his family’s crypto venture to act like a bank, in an unprecedented arrangement that will enable the president’s family to pocket interest earned from corporate transacti…
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