World Liberty Financial Gets Conditional Approval for National Trust Bank
On Friday, the Office of the Comptroller of the Currency (OCC) granted conditional approval to World Liberty Financial, which is supported by President Donald Trump, to create a national trust bank named World Liberty Trust Company. This endorsement paves the way for potential internal operations concerning its USD1 stablecoin, which debuted in March 2025 and boasts a market capitalization of $4 billion. Before commencing operations, the company is required to secure $20 million in funding, appoint an internal audit manager, and successfully complete a final examination. While national trust banks are prohibited from accepting deposits or issuing loans, they can offer asset custody and payment services. Senator Elizabeth Warren condemned the approval as a conflict of interest, whereas World Liberty's president defended the decision. Since 2025, the OCC has received 40 applications for bank charters.
Key facts
- World Liberty Financial received conditional approval from the OCC to establish a national trust bank.
- The approval is preliminary; the company must meet regulatory requirements and pass a final examination.
- The proposed bank would not accept deposits or make loans but can provide custody, settlement, and other financial services.
- World Liberty aims to bring its USD1 stablecoin operations in-house, currently relying on BitGo.
- USD1 has a market capitalization of roughly $4 billion since launching in March 2025.
- The OCC requires at least $20 million in capital and a qualified internal audit manager.
- Senator Elizabeth Warren called it an unprecedented conflict of interest and plans to introduce legislation.
- The OCC has received 40 bank charter applications since 2025, with Ripple and Circle also receiving preliminary approval.
Entities
Institutions
- World Liberty Financial
- Office of the Comptroller of the Currency (OCC)
- World Liberty Trust Company
- BitGo
- CoinMarketCap
- Ripple
- Circle
- NFT Plazas
Locations
- United States