Trump-Backed Crypto Firm Seeks US Bank License for Stablecoin

World Liberty Financial, backed by the Trump family, has applied for a U.S. national trust bank charter to issue and manage its USD1 stablecoin, sparking debate over regulatory scrutiny and potential conflicts of interest.

World Liberty Financial (WLFI), a cryptocurrency venture with significant backing from the Trump family, has applied for a U.S. national trust bank charter through the Office of the Comptroller of the Currency (OCC). The application, submitted in late 2024 and confirmed by regulatory filings, aims to establish World Liberty Trust Company as a national trust bank focused on stablecoin operations. If approved, the charter would allow WLFI to issue and custody its dollar-pegged stablecoin, USD1, which has surpassed $3.3 billion in circulation within its first year, primarily serving institutional clients for cross-border payments and treasury management. The trust company plans to offer digital-first retail banking services, stablecoin issuance and redemption, custody, and conversion services, all under federal supervision and compliance with regulations such as the GENIUS Act. The Trump family is entitled to a significant share of the net revenue from token sales and stablecoin operations, raising concerns about potential conflicts of interest. The OCC’s review process will scrutinize the business plan, management, capital adequacy, and risk management, with heightened attention due to the high-profile ownership. The move has sparked controversy and industry debate, but WLFI continues to expand its offerings, including plans for tokenized real-world asset products.