US regulator approves bank charter for Trump-backed crypto company World Liberty Financial

The Office of the Comptroller of the Currency (OCC) granted a conditional preliminary approval to World Liberty Trust Company for a national trust charter on August 14, 2025. This approval, if ultimately granted, would enable World Liberty to manage and hold assets for customers, settle payments more efficiently, and issue its USD1 stablecoin, which is currently the fourth largest by market capitalization at approximately $4 billion.

The approval does not permit traditional deposit-taking or lending activities. The OCC noted concerns from stakeholders about non-U.S. investors in World Liberty Financial, but reassured them that these investors are not considered principal shareholders and have pledged not to control the bank's operations. The charter, tied to President Donald Trump and his family's crypto venture, World Liberty Financial, has been welcomed by the company, with CEO Zach Witkoff calling it a "milestone" in their efforts to open a bank.