World Liberty Financial is nearing OCC approval for a trust bank charter that would expand its USD1 stablecoin powers.
WLFI News
World Liberty Financial, a crypto venture co-founded by President Trump and his family, is nearing approval to operate as a federally chartered trust bank. The decision rests with the Office of the Comptroller of the Currency, led by Jonathan Gould.
A June 16 report from NOTUS said Gould is expected to announce his ruling on the application shortly. Two former OCC staffers told the outlet that approval is nearly certain, with one source calling rejection “inconceivable.”
Charter Would Expand Stablecoin Powers
World Liberty filed its application in January after setting up a US trust company. The filing followed the OCC's conditional approval of several other crypto firms, including Circle, Ripple and BitGo.
A trust charter would let World Liberty issue and redeem its USD1 stablecoin directly, manage reserves, and provide custody, conversion, and settlement services under a single federal regulator. BitGo currently performs those functions as an intermediary, a role the charter would eliminate.
The approval would also let World Liberty bypass many state-level regulations. Backers of the application say it would enhance the firm's credibility with US institutions and enable more direct, efficient payments and settlement on its platform.
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Trump Family Holds Stake in the Venture
World Liberty was founded a few months before the 2024 presidential election, with Trump and his family holding a financial stake in the venture. Company disclosures show that 75% of proceeds from the WLFI token sales are directed to DT Marks DEFI LLC, an entity controlled by Trump.
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