According to ChainCatcher, World Liberty Financial, a crypto project backed by the Trump family, is expected to soon receive approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as a national trust bank. Two former OCC employees who declined to be named said the application is almost certain to be approved.
Application for a federal trust bank charter
World Liberty Financial established a U.S. trust company in January this year and submitted its application to the OCC. Receiving a federal trust bank charter would allow the project to conduct several activities under a single federal regulator, including issuing and redeeming its USD 1 stablecoin, managing reserves, providing digital asset custody, and offering conversion and settlement services.
Under such an arrangement, World Liberty Financial would not need to rely on third-party intermediaries for those services. At present, the project’s intermediary is BitGo. The application centers on using a national trust bank structure to place stablecoin operations, reserve management and digital asset services within one federal regulatory framework.