US Regulator Approves Bank Charter for Trump-Backed Crypto Company World Liberty Financial

In a significant development, the Office of the Comptroller of the Currency (OCC) has conditionally approved a bank charter application linked to President Donald Trump and his family’s crypto venture, World Liberty Financial. This move effectively greenlights an expansion of its stablecoin operations, allowing the company to directly issue its USD1 stablecoin and hold assets on behalf of customers.

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According to the OCC, the charter would enable World Liberty to manage and hold assets on behalf of customers and settle payments faster, without permitting deposit-taking or lending like traditional banks. The approval is conditional, subject to several conditions, including notifying the regulator of any major business plan changes, maintaining at least $20 million in capital, and hiring a qualified employee to serve as the firm’s internal audit manager.

The OCC has also addressed concerns raised about non-US investors in World Liberty Financial, stating that they are not considered principal shareholders in the bank. The regulator has received so-called ‘passivity agreements’ from several bank investors, including those outside the US, who have vowed not to seek to control or influence the bank’s operations or decisions.

World Liberty Financial is the most prominent among the Trump family’s stable of lucrative crypto ventures, with a stated vision to democratize finance and allow anyone to bypass a traditional banking system. The company has promoted the USD1 stablecoin as a safe, US dollar-backed asset, allowing for entry to a range of financial products on the blockchain.

The USD1 stablecoin has grown quickly since its announcement in March 2025, becoming the fourth largest stablecoin by market capitalization, with around $4 billion in circulation. Reuters estimated that the Trump family earned about $50 million from the USD1 stablecoin to the end of June 2026.

Overall, World Liberty Financial has funneled more than $1.6 billion to the US president and his family as of April, according to Reuters calculations.

World Liberty Trust’s leadership is deeply intertwined with Trump’s longtime allies, the Witkoff family. Zach Witkoff, the son of Trump’s special diplomatic envoy, Steve Witkoff, serves as the CEO of World Liberty Trust, while Robert Witkoff, a former insurance company executive, will be a director of the company. Another proposed director, Scott Alper, is the president of the Witkoff family’s real estate business.

Democrats have expressed concerns about the potential conflict of interest posed by the charter, with two Democratic members of the US Senate Banking Committee asking Trump’s Treasury secretary to examine the potential national security implications of a reported purchase of a $500 million stake in World Liberty Financial in a deal linked with the United Arab Emirates’ national security adviser.

In its approval letter, the OCC said that Comptroller Jonathan Gould and staff ‘acted consistently with their statutory duties and ethical obligations with respect to the application.’ The regulator added that the application was reviewed by career staff, and the bank would similarly be supervised by non-political examiners.