The Office of the Comptroller of the Currency conditionally approved World Liberty Trust Company’s application for a national trust bank charter on August 14, bringing the Trump family-backed crypto venture one step closer to operating as a federally regulated bank. The conditional approval, which still requires the company to meet additional requirements before final authorization, marks a significant milestone for World Liberty Financial’s ambitions to issue and manage its USD1 stablecoin under direct OCC supervision.
The charter, if ultimately approved, would allow World Liberty to directly issue and custody USD1, a dollar-backed stablecoin currently in its fourth position by market capitalization at around $4 billion. Currently, BitGo, a third-party digital asset custodian, handles these services for World Liberty. Bringing stablecoin issuance and custody in-house could streamline operations and reduce reliance on external partners.
World Liberty Financial, which is 38 percent owned by an entity affiliated with President Donald Trump and his family members, applied for the charter in January 2026. The company’s CEO and World Liberty Trust president, Zach Witkoff—son of Trump’s special diplomatic envoy Steve Witkoff—called the conditional approval a “milestone” in a statement, saying the company welcomed “continuous scrutiny from Federal regulators for many years to come.”
The OCC’s conditional approval comes with specific requirements. World Liberty Trust must maintain at least $20 million in capital before commencing operations, designate a qualified internal audit manager, and notify the regulator of any major business plan changes. The company also has 18 months from final approval to open the bank, according to sources reporting on the OCC’s approval letter.
This approval follows a broader wave of OCC support for crypto banking charters under Comptroller Jonathan Gould, whom Trump appointed last year. In December 2025, the OCC conditionally approved five national trust bank charter applications from crypto firms including Circle (First National Digital Currency Bank), Ripple, Paxos, BitGo, and Fidelity. Those approvals signaled the regulator’s willingness to integrate digital asset companies into the traditional banking framework, allowing them to hold assets on behalf of clients nationwide under a single federal charter and provide settlement and asset servicing functions.
A national trust bank charter does not permit deposit-taking or lending like traditional commercial banks. Instead, it allows custodial and fiduciary services—holding assets on behalf of customers, settling payments, and managing reserves. For World Liberty, the charter represents a path to consolidate stablecoin operations under federal oversight rather than relying on third-party service providers.
The approval has drawn criticism from congressional Democrats. Senator Elizabeth Warren said the conditional approval amounted to “the most brazen act of self-dealing our financial system has ever seen,” arguing that President Trump is now “the first President in history to approve, operate, and supervise his own bank.” Warren and colleagues said they would introduce legislation to prevent presidents and senior government officials from owning or controlling banks. The OCC’s approval letter noted that the regulator had received comments raising concerns about non-U.S. investors in World Liberty Financial, but stated that such investors were not considered principal shareholders and had signed “passivity agreements” vowing not to seek control or influence over the bank’s operations.
World Liberty Financial’s earlier conditional approval was announced on August 15, just one day after the OCC’s official letter, as the company and financial media covered the regulator’s decision. The bank cannot begin operating until it satisfies all conditions and receives final approval from the OCC.
Sources
- Reuters — OCC conditional approval of World Liberty Trust Company’s national trust bank charter, charter capabilities, capital requirements, leadership details, and Democratic criticism
- CNBC — OCC conditional approval details, stablecoin functionality, World Liberty Financial ownership structure, and Senator Elizabeth Warren’s statement
- Fintech Futures — OCC approval conditions including $20 million capital requirement and internal audit manager designation
- Banking Dive — December 2025 OCC conditional approvals for Circle, Ripple, Paxos, BitGo, and Fidelity national trust bank charters
- Crypto News — Capital requirements and 18-month timeline for opening the bank
