Trump-Linked World Liberty Gets Conditional Bank Charter for USD1 Stablecoin

The Office of the Comptroller of the Currency (OCC) has granted preliminary approval to World Liberty Financial, a crypto venture backed by President Donald Trump, for a national trust bank charter that would enable the firm to issue and redeem its USD1 stablecoin, USD1. The proposed bank, World Liberty Trust Company, National Association, would be based in Bay Harbor Islands, Florida.

Currently, BitGo is the exclusive issuer and custodian for USD1, but the new bank would take on these roles. World Liberty plans to provide digital-asset custody as a fiduciary and allow clients to convert approved stablecoins into USD1. As a trust bank, it will not accept deposits, carry FDIC insurance, or apply for a Federal Reserve master account.

The bank's founder and organizer, Zachary Witkoff, serves as the president. The approval comes with conditions, including a $20 million minimum capital requirement and adherence to the GENIUS Act, a stablecoin law enacted last year. The OCC has already approved similar charters for companies like Circle, Ripple, and Paxos. World Liberty applied for its charter earlier this year, and the Trump connection raised concerns during the review, though the OCC largely dismissed these objections. The bank receives 18 months to open.