Trump-Linked World Liberty Gets Conditional Bank Charter for USD1 Stablecoin
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- The OCC granted preliminary conditional approval for World Liberty Trust Company, a national trust bank tied to President Trump's World Liberty Financial, to be based in Bay Harbor Islands, Florida.
- World Liberty Trust Company will issue and redeem the USD1 stablecoin, taking over that role from current exclusive issuer and custodian BitGo, and will also offer digital-asset custody as a fiduciary.
- As a trust bank, the entity won't take deposits, carry FDIC insurance, or seek a Federal Reserve master account, and committed to staying outside the Bank Holding Company Act's definition of a "bank."
- Conditions include a $20 million minimum capital requirement and compliance with the GENIUS Act, the stablecoin law enacted last year that has driven a wave of similar charter applications.
- The OCC dismissed conflict-of-interest objections over Trump family ties, the Witkoffs, and Emirati investors — including Emoluments Clause questions — as outside the scope of its review, noting World Liberty Financial itself is not a party.
- Sen. Elizabeth Warren has separately called the OCC's crypto charter approvals illegal, arguing the firms function as banks while sidestepping the safeguards that status requires.
- Zachary Witkoff, a World Liberty co-founder, is listed as organizer, director, and president; the bank has 18 months to open, with passivity commitments signed by Eric Trump for one investing entity.
Why it matters: World Liberty gains direct control over USD1 issuance — a core revenue and political asset for the Trump family — while explicitly operating outside the Fed and FDIC framework that traditional banks must meet. With an 18-month opening deadline, $20 million capital floor, and GENIUS Act compliance mandate, the conditional approval turns a key regulatory gate into a defined runway, even as Warren's legal challenge gains a high-profile test case.
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