Odaily, citing The Block, reported that World Liberty Financial, a cryptocurrency project backed by the Trump family, is expected to receive approval soon from the U.S. Office of the Comptroller of the Currency, or OCC, to operate as a national trust bank. Two former OCC employees who declined to be named said the application was “almost certain” to be approved.
Application submitted in January
World Liberty Financial established a U.S. trust company in January this year and submitted an application to the OCC for a federal trust bank charter. If approved, the charter would allow the project to conduct relevant activities under a single federal regulator, rather than relying entirely on third-party intermediaries for core operational functions.
According to the report, a federal trust bank charter would allow World Liberty Financial to issue and redeem its USD1 stablecoin, manage reserves, provide digital asset custody, and offer conversion and settlement services. The project’s current intermediary is BitGo.