On August 14, 2026, the Office of the Comptroller of the Currency (OCC) issued preliminary conditional approval for a national trust bank charter application submitted by World Liberty Trust Company, National Association. The entity is linked to World Liberty Financial, a cryptocurrency platform in which an affiliate of President Donald Trump and certain family members holds a reported 38% ownership stake.
The application, filed in January 2026, sought authorization for a limited-purpose national trust bank headquartered in Bay Harbor Islands, Florida.
Unlike traditional banks, this charter does not permit taking federally insured deposits or making loans.
Instead, it authorizes fiduciary and related trust activities.
Primary planned operations center on the issuance and redemption of USD1, a dollar-pegged stablecoin currently managed in part by BitGo Bank & Trust.
The new entity would also handle reserve maintenance for the stablecoin’s backing assets, provide digital asset custody services, and offer conversion services for institutional clients such as exchanges, market makers, and investment firms.
USD1 has grown substantially since its launch, with reports placing its market capitalization in the range of several billion dollars and ranking it among the larger stablecoins.
Bringing issuance, custody, and related functions under a single federally supervised entity would allow World Liberty to reduce reliance on third-party partners and operate under direct OCC oversight.
The company has indicated the structure is designed to align with the GENIUS Act framework for stablecoins, along with anti-money-laundering and sanctions compliance requirements.
The OCC’s decision followed a review of the proposal against regulatory and policy standards.
Preliminary approval is standard for such charters and remains conditional.
Final authorization to commence operations requires the company to satisfy additional pre-opening requirements.
These include maintaining minimum capital of at least $20 million, hiring a qualified internal audit manager, notifying the OCC of material changes to the business plan, and completing other organizational steps.
The regulator retains the ability to modify, suspend, or rescind the preliminary approval if intervening developments warrant it.
The bank would also apply for stock in a Federal Reserve Bank as part of the process.
Zach Witkoff, CEO of World Liberty Financial and proposed president and chairman of the trust company, described the step as a milestone.
He stated that the firm aims to develop a highly trusted digital dollar that supports the US dollar’s global role, and that the company welcomes ongoing federal regulatory examination.
The approval has drawn criticism from some Democratic lawmakers and commenters who raised concerns about potential conflicts of interest given the Trump family’s financial ties and the fact that the OCC comptroller was appointed by President Trump.
Similar objections addressed foreign investors and other issues.
In its letter, the OCC noted that career staff conducted the review under established procedures, that passivity agreements were obtained from certain investors to limit influence over the bank, and that the application was evaluated consistent with statutory duties and ethical obligations.
Other cryptocurrency firms, including Circle, Ripple, and BitGo, have received comparable preliminary approvals for national trust charters in recent periods.
This development reflects broader efforts by digital asset companies to obtain federal banking privileges for stablecoin and custody operations under a consistent national regulatory framework. World Liberty Trust Company must still complete remaining steps before it can begin operations under the charter.