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World Liberty Financial, the crypto venture backed by the Trump family, said on Friday that its trust company received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to become a bank.
Upon final approval, World Liberty Trust Company, National Association would operate as a federally chartered national trust bank, according to the company’s statement and the OCC’s decision letter.
OCC APPROVES WLFI NATIONAL TRUST BANK FOR STABLECOIN ISSUANCE!
The OCC granted preliminary conditional approval for World Liberty Trust Company, National Association to operate as a national trust bank.
It can issue and redeem the $USD1 dollar-backed stablecoin, provide… pic.twitter.com/XYOsV2MDVo
— Crypto Banter (@crypto_banter) August 14, 2026
The stakes are tied directly to USD1, World Liberty’s dollar-backed stablecoin, which has a market value of about $4Bn. The approval is preliminary and conditional, not authorization to begin operations.
The OCC said final approval depends on the company meeting all pre-opening requirements and that it may modify, suspend, or rescind the approval before granting final authorization.
What is the World Liberty Trust?
The proposed charter is intentionally narrow. It would allow World Liberty Trust to issue and redeem USD1 and maintain reserves for the stablecoin in a nonfiduciary capacity.
It would also provide digital-asset custody services in a fiduciary capacity, primarily for USD1 customers and other institutional clients, according to the OCC’s Corporate Decision #1385.
The bank would additionally offer conversion services for custody customers. Under the proposal, those customers could submit approved stablecoins in exchange for USD1 using assets already held in custody. The conversion services would be limited to custody customers and to their custodied assets.
The proposed institution is a national trust bank, not a conventional deposit-taking or lending bank. The OCC described the proposal as involving trust-company operations and related activities, including fiduciary custody and nonfiduciary reserve maintenance.
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Ownership and Custody Structure of World Liberty Financial
The OCC decision states that the proposed bank would be a wholly owned subsidiary of WLTC Holdings LLC, a Delaware limited liability company.
The bank’s main office would be in Bay Harbor Islands, Florida. The filing states that World Liberty Financial LLC and the proposed bank share indirect common ownership.
USD1 launched last year, and BitGo currently custodies its reserves. The OCC decision says the proposed bank plans to assume the role of issuer and custodian from BitGo Bank & Trust, National Association, which it identifies as the current exclusive issuer and custodian for USD1.
After the bank is established, it intends to acquire and assume USD1 reserve assets and associated liabilities from BitGo. The OCC addressed that proposed acquisition and assumption as part of its review of the bank’s formation.
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Where Does the World Liberty Trust Bank Fit in the Stablecoin Landscape?
JUST IN: World Liberty Financial CEO Witkoff says the OCC’s conditional trust charter will give the market “more confidence in $USD1.”
He says the new federal oversight framework requires 1:1 reserve backing, formal KYC/AML policies and regular OCC exams.… https://t.co/dxUGKSJioY
— CryptosRus (@CryptosR_Us) August 25, 2026
The OCC decision cites the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act. According to the decision, Congress expressly recognized uninsured national banks’ authority to issue stablecoins under that law.
The agency said payment-stablecoin issuance is permissible as a trust-company operation or an activity related to one. It also concluded that the proposed conversion services relate to the bank’s fiduciary custody activities.
For World Liberty Trust, the conditional approval marks an initial regulatory step rather than a completed launch. The OCC has said the bank cannot commence business until it satisfies all pre-opening requirements and receives final approval and authorization.
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The post World Liberty Financial USD1 Plan Clears Initial Hurdle for National Trust Bank appeared first on 99Bitcoins.
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