World Liberty Financial, the cryptocurrency company backed in part by President Donald Trump and members of his family, has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a federally chartered national trust bank.
The decision marks a major step for the Trump family’s expanding crypto business and could give World Liberty greater control over the infrastructure supporting its USD1 stablecoin. However, the approval is preliminary. The company must meet additional regulatory requirements and pass a final examination before the bank can begin operations.
The OCC granted conditional approval Friday to World Liberty Trust Company, a trust bank sponsored by World Liberty Financial. The approval requires the company to complete several steps, including raising capital and establishing required governance and internal controls.
Trump family crypto company World Liberty Financial receives approval to become a federally chartered bank
A New Home for USD1
The proposed bank would not operate like a conventional commercial bank. National trust banks generally cannot accept deposits or make loans. Instead, they can provide services such as asset custody, payment settlement and other financial services under federal supervision.
For World Liberty, the most important benefit is the potential to bring its USD1 stablecoin operations in-house.
USD1 is a dollar-backed stablecoin designed to maintain a one-to-one value with the U.S. dollar, with reserves backed by assets including U.S. Treasury. Since launching in March 2025, the stablecoin has grown rapidly and now has a market capitalization of roughly $4 billion.
World Liberty currently relies on third-party provider BitGo for some stablecoin services. A national trust bank would allow World Liberty Trust to directly issue and redeem USD1 and custody the assets backing the token. That could give the company greater control over its stablecoin infrastructure while creating additional opportunities to generate revenue.
USD1 Price Performance (Source: CoinMarketCap)
Regulatory Conditions Remain
Despite the preliminary approval, World Liberty Trust is not yet a fully operational bank. The OCC requires the company to maintain at least $20 million in capital, appoint a qualified internal audit manager and notify regulators about major changes to its business plan.
The bank would also remain subject to ongoing federal supervision and examination.
Zach Witkoff, president and chairman of World Liberty Trust, welcomed the decision, describing the charter as a milestone for the company. He said the structure would bring USD1 issuance, custody and reserve management under OCC supervision and emphasized World Liberty’s willingness to accept continued regulatory scrutiny.
The OCC also addressed concerns about non-U.S. investors in World Liberty Financial. According to its approval letter, several investors signed “passivity agreements” promising not to seek control or influence over the bank’s operations. Eric Trump was among those who signed such an agreement through a Trump-family-affiliated investment vehicle.
Political Concerns Intensify
The approval is likely to renew criticism from Democrats, who have raised concerns about potential conflicts of interest involving President Trump, his administration and his family’s crypto businesses.
World Liberty Financial says 38% of the company is owned by an entity affiliated with Donald Trump and certain family members. Trump and his sons, Donald Trump Jr. and Eric Trump, helped launch the venture in 2024.
Senator Elizabeth Warren previously urged the OCC to reject the application unless Trump divested his interests in World Liberty. Following the approval, Warren called it an unprecedented conflict of interest and said she and other lawmakers would introduce legislation aimed at preventing presidents and senior government officials from owning or controlling banks.
World Liberty has defended the application process. Witkoff said the company’s submission underwent extensive review and that accepting federal supervision demonstrated its willingness to operate under regulatory oversight.
The OCC said the application was reviewed by career staff and that the future bank would be supervised by nonpolitical examiners.
Part of a Wider Crypto Banking Push
World Liberty’s approval comes as more cryptocurrency companies seek direct access to the U.S. banking system.
The OCC has received 40 bank charter applications since 2025, a sharp increase from the previous administration, with many tied to crypto projects. Other major digital-asset companies, including Ripple and Circle, have also received preliminary approval for national trust bank charters.
For crypto firms, these charters can provide a federal framework for custody, settlement and other financial services across the country. They can also make it easier to work with institutional customers that require regulated infrastructure.
For World Liberty, the opportunity is particularly significant because of USD1’s growth. Bringing issuance, custody and reserve management under one federally supervised entity could strengthen the stablecoin’s infrastructure and reduce the company’s reliance on outside providers.
A Significant Step, Not the Finish Line
The OCC’s decision gives World Liberty Financial an important regulatory foothold, but it does not complete the bank chartering process.
The company must satisfy the remaining conditions, maintain the required capital and pass a final examination before World Liberty Trust can begin operating.
If it clears those hurdles, the Trump-linked venture would join a growing group of crypto companies moving deeper into regulated financial services.
The development also places World Liberty at the center of a broader debate over stablecoins, crypto regulation and the relationship between political power and private digital-asset businesses. For the company, however, the immediate objective is clear: turn preliminary approval into a fully operational national trust bank and bring one of its fastest-growing crypto products, USD1, under direct federal supervision.
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Source: https://nftplazas.com/trump-world-liberty-financial-bank-charter-approval/
