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2h ago

OCC Grants Preliminary Approval for Trump-Linked World Liberty Trust

Meeting strict preopening conditions would let a federally chartered trust bank take over issuance, custody and reserve management of the USD1 stablecoin under OCC supervision.

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
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Overview

  • The OCC issued preliminary conditional approval on Friday, Aug. 14, 2026, saying career staff reviewed the application and attaching detailed preopening requirements that must be met before the bank can open.
  • World Liberty Trust must raise at least $20 million in tier‑1 capital, hold at least half of that in eligible liquid assets, keep a 180‑day liquidity buffer, appoint key officers, secure an independent auditor and pass an OCC examination within set deadlines.
  • USD1 is currently issued and custodied by BitGo Bank & Trust and would remain with BitGo until World Liberty satisfies the OCC conditions and the regulator completes a preopening exam and final authorization.
  • World Liberty Financial’s broader business is reported to be about 38% owned by an entity tied to President Donald J. Trump and family members, a link that has drawn public objections from Democrats including Senator Elizabeth Warren and prompts continued congressional oversight.
  • The decision follows a broader OCC trend since 2025 of approving national trust charters for crypto firms, which would place stablecoin issuance and reserve management under federal bank supervision without making USD1 an FDIC‑insured deposit.