World Liberty Financial, a crypto venture backed by the Trump family, has received preliminary conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter, according to Bloomberg. The company plans to establish World Liberty Trust Company. If it secures final approval, the entity would be able to issue and redeem the USD1 stablecoin directly, manage the token’s reserve assets, and provide digital asset custody services. The proposed trust company would not operate as a traditional commercial bank, meaning it would not be allowed to take FDIC-insured deposits or make conventional loans. Bloomberg also noted that the application comes as US regulators have sped up reviews of new bank charters. OCC data shows that 22 bank charter applications were approved during the first 19 months of Trump’s second term, more than the total approved over the previous five years, with several approvals involving fintech and digital asset companies.
World Liberty Financial, a crypto project backed by the Trump family, has received preliminary conditional approval from the Office of the Comptroller of the Currency, or OCC, for a national trust bank charter, according to Bloomberg. The company plans to set up World Liberty Trust Company.
If the approval is finalized, World Liberty Trust Company would be able to issue and redeem the USD1 stablecoin directly, manage its reserve assets, and offer digital asset custody services.
The proposed entity would not operate as a traditional bank
Bloomberg said World Liberty Trust Company would not be a traditional commercial bank. It would not be permitted to accept deposits insured by the Federal Deposit Insurance Corporation, or FDIC, and it would not make conventional loans.
OCC charter approvals have picked up pace
The application comes at a time when approval of new US bank charters has accelerated. OCC data shows that 22 bank charter applications were approved during the first 19 months of Trump’s second term, more than the combined total from the previous five years. Several of those approvals involved fintech and digital asset firms.
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