US regulator approves bank charter for Trump-backed crypto company World Liberty Financial
The approval could let World Liberty issue and custody its USD1 stablecoin in-house, while the token’s market value is about $4 billion, Reuters reported.
- On Friday, the Office of the Comptroller of the Currency granted conditional preliminary approval for World Liberty Trust Company's national trust charter application, greenlighting expansion of its stablecoin operations.
- Sponsored by World Liberty Financial, which is 38% owned by an entity affiliated with President Donald Trump and his family, the trust applied in January to serve institutional cryptocurrency exchanges and investment firms.
- This charter allows the trust to directly issue its USD1 stablecoin and custody U.S. dollar assets, currently handled by third-party partner BitGo, enabling faster settlement and broader asset management.
- Conditions for approval require the firm to maintain at least $20 million in capital and hire an internal audit manager; the OCC stated staff "acted consistently with their statutory duties and ethical obligations."
- Other crypto firms, including Ripple and Circle, have received similar preliminary approvals under Comptroller Jonathan Gould, as the industry seeks federal charters to court major institutional clients nationwide.
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