World Liberty Financial, affiliated with President Donald Trump's family, has applied for a national trust charter from the Office of the Comptroller of the Currency to manage its dollar-backed stablecoin, USD1. The move aims to expand the company's ecosystem and allow easier use of the cryptocurrency. This application comes amid growing regulatory interest in digital assets.
World Liberty Financial (WLF), the crypto firm co-founded by President Donald Trump's three sons with Trump himself listed as co-founder emeritus, announced on Wednesday that it has submitted an application for a banking charter to the Office of the Comptroller of the Currency (OCC).
The company seeks a national trust charter to issue and manage USD1, its dollar-backed stablecoin, enabling customers to more readily use and convert the cryptocurrency. "This application marks a further evolution of the World Liberty Financial ecosystem," said Zach Witkoff, the proposed president and chair of World Liberty Trust Company, the entity filing the application. Witkoff is the son of Steve Witkoff, Trump's special envoy to the Middle East.
The OCC did not immediately respond to requests for comment. This application follows a landmark decision at the end of last year, when the OCC conditionally granted national trust charters to several crypto companies. These charters place the firms under federal regulations, allowing them to manage digital assets without state-by-state approvals—a move praised by the digital asset sector but criticized by traditional banks.
WLF joins other digital asset firms seeking such approvals, which could lead to access to limited "skinny" master accounts at the Federal Reserve for using its payments system. Last month, the Fed solicited feedback on creating these accounts, a step toward integrating digital assets, though traditional banks warn it could threaten financial stability.
BitGo, the custodian for USD1, received a charter in December and has supported the stablecoin's growth to over $3.3 billion in its first year. "BitGo is proud to have supported USD1’s rapid growth to over $3.3 billion in its first year and looks forward to continuing as a key strategic partner as WLTC becomes fully operational and USD1 enters its next stage of growth," said BitGo CEO Mike Belshe.
Approval for WLF would allow the Trump-backed firm to more actively manage its stablecoin amid a queue of similar applications.
