The U.S. Office of the Comptroller of the Currency approved World Liberty Trust Company on Aug. 14 to operate as a national trust bank, clearing the way for it to issue and redeem the USD1 stablecoin. The bank is owned by WLTC Holdings. According to The Wall Street Journal, an Abu Dhabi entity holds a 49% stake, while Trump family entities hold 38%.
The OCC said the bank must maintain at least $20 million in Tier 1 capital, with half kept in liquid assets. USD1 currently has a market capitalization of about $4.1 billion, ranking No. 24 among crypto assets. The regulator also obtained passivity commitments from three entities, including DT Marks SC LLC, signed by Eric Trump, and StringZ Holding RSC, which is linked to a former director of Abu Dhabi AI firm G42. Those parties agreed not to seek board seats or influence the bank’s operations.
USD1 is currently issued by BitGo, which also manages part of the reserve interest. The new bank plans to take over the reserves. As a stablecoin, USD1 is not covered by Federal Deposit Insurance Corporation insurance.
The U.S. Office of the Comptroller of the Currency approved World Liberty Trust Company on Aug. 14 to become a national trust bank, authorizing it to issue and redeem the USD1 stablecoin.
The bank is owned by WLTC Holdings. According to The Wall Street Journal, an Abu Dhabi entity owns a 49% stake, while Trump family entities hold 38%.
The OCC requires the bank to maintain at least $20 million in Tier 1 capital, with half of that amount held in liquid assets.
USD1 has a market capitalization of about $4.1 billion and ranks 24th among crypto assets. The OCC also secured passivity commitments from three entities, including DT Marks SC LLC, signed by Eric Trump, and StringZ Holding RSC, which is tied to a former director of Abu Dhabi AI company G42. The commitments state that those entities will not seek board seats or attempt to influence the bank’s operations.
USD1 is currently issued by BitGo, which manages part of the reserve interest. The new bank plans to assume control of the reserves. USD1, as a stablecoin, is not insured by the Federal Deposit Insurance Corporation.
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