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12h ago

OCC Grants Conditional Approval for World Liberty Trust Bank

The decision could let the Trump‑family‑linked firm issue and custody its USD1 stablecoin under federal supervision if it meets preopening requirements.

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Eric Trump delivers remarks before ringing the opening bell to celebrate the closing of ALT5’s $1.5 billion offering and adoption of its $WLFI Treasury Strategy at the Nasdaq Market, in New York City, U.S., August 13, 2025. REUTERS/Eduardo Munoz
Jonathan Gould, comptroller of the currency, speaks during the Federal Reserve Integrated Review of the Capital Framework for Large Banks Conference in Washington, DC, US, on Tuesday, July 22, 2025. Treasury Secretary Scott Bessent offered support for Jerome Powell amid regular attacks from Trump administration officials, saying he sees no reason for the Federal Reserve chair to step down. Photographer: Al Drago/Bloomberg via Getty Images

Overview

  • The Office of the Comptroller of the Currency issued preliminary conditional approval for World Liberty Trust Company on Friday, Aug. 14, 2026, and the charter is not final until the OCC confirms the firm meets stated conditions.
  • If the charter is finalized the trust bank would be able to issue and redeem the USD1 stablecoin and hold the dollar assets that back it while generally not taking deposits or making ordinary loans.
  • The OCC letter lists specific preopening requirements, including at least $20 million in capital, a qualified internal audit manager, filings of major business‑plan changes, and investor passivity commitments that limit control.
  • Democratic lawmakers and ethics groups immediately criticized the move over the company’s disclosed Trump‑family ties and Sen. Elizabeth Warren announced legislation to bar senior officials from owning or controlling banks.
  • The approval fits a recent OCC pattern of conditionally approving crypto firms for national trust charters, and World Liberty would take USD1 issuance and custody in‑house from BitGo if it clears the OCC’s final examination.