World Liberty Financial, a Trump-linked crypto company, said WLTC Holdings has applied to the US Office of the Comptroller of the Currency (OCC) to establish World Liberty Trust Company, a national trust bank built to support its USD1 stablecoin.
According to a press release, the proposed trust bank would issue, hold and convert USD1 under a single federally supervised entity and target institutional clients, including cryptocurrency exchanges, market makers and investment firms.
World Liberty Financial Moves to Bring USD1 Under Federal Oversight
USD1, a dollar-backed stablecoin launched last year, has grown to more than $3.3 billion in circulation in its first year, World Liberty said. Institutions are already using the token for cross-border payments, settlement and treasury operations, according to the company.
Zach Witkoff, the proposed president and chairman of World Liberty Trust Company, said a national trust charter would allow the group to bring issuance, custody and conversion together as a full-stack offering inside a single highly regulated entity aimed at banks, asset managers and corporations.
Three Core Services Under OCC Oversight
WLTC plans three core services at launch. The trust bank would mint and redeem USD1, provide on-ramp and off-ramp services between US dollars and USD1, and offer custody and conversion for USD1 and other accepted stablecoins.
The company said that the trust bank is being structured to comply with the GENIUS Act and will apply anti-money-laundering and sanctions screening, along with cybersecurity controls. Additionally, WLTC will operate under the OCC trust framework with segregated customer assets, independent reserve management and regular examinations aimed at providing greater regulatory certainty for institutional users, according to Mack McCain, the proposed trust officer of World Liberty Trust Company.
WLFI’s Rocky Start and What an OCC Green Light Could Mean
World Liberty Financial had a rocky start, with its early and close association with the Trump name drawing attention but also criticism. Some ethics groups and lawmakers questioned whether a Trump-linked company should be earning money from a dollar-based crypto token while US rules for stablecoins are still being written. Others have raised concerns about how much investors know about the company’s governance, reserves and decision-making, and whether politics rather than fundamentals have driven interest in USD1.
If the OCC eventually approves the trust bank, USD1 would move into a clearer regulatory framework, with defined rules on reserves, compliance and oversight. That could make it easier for banks, brokers and companies to justify using the token for payments, settlement and treasury flows.
At the same time, an OCC charter would not remove the political focus on WLFI, as a Trump-linked stablecoin inside the federal system is likely to remain under close watch from regulators, lawmakers and advocacy groups, and any stumble in supervision or disclosure could quickly shake market confidence.
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