The Trump family’s World Liberty Financial has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, Bloomberg reported, citing official regulatory data.
Once it meets the OCC’s requirements for capital, management and auditing, the bank will be able to independently issue and redeem the USD1 stablecoin, manage its reserves, and provide custody for institutional clients’ digital assets. BitGo, a third-party partner, currently performs these functions.
USD1 Will Come Under the Control of Trump-Linked Structure
World Liberty Trust Company will handle the issuance and redemption of USD1, manage its reserves, and provide custody services for institutional clients. Once licensed, the bank will remain under the OCC’s ongoing supervision and undergo regular examinations.
The OCC reviewed World Liberty’s application for 220 days, significantly longer than the current median of 126 days for other fintech projects under the current OCC leadership. Three investors, including one of the U.S. president’s sons, signed agreements limiting their influence over the bank’s management.
OCC Expands Access to Bank Charters for Crypto Companies
The decision on World Liberty is part of a broader increase in interest among crypto and fintech companies in obtaining bank charters. During the first 19 months of Trump’s second term, the OCC approved 22 applications and received around 40 new applications since the beginning of 2025.
Among the companies that received approval are Circle, Coinbase Global, and Nu Holdings. Under the leadership of Jonathan Gould, the OCC has also expanded the ability of national trust banks to work with stablecoins and digital assets.
However, a bank charter does not mean that USD1 will be covered by FDIC insurance: stablecoins are not covered by federal deposit insurance. World Liberty said that once the license is obtained, the bank will remain under the OCC’s ongoing supervision and report on the status of its reserves.
Previously: