World Liberty Financial, a crypto venture backed by members of US President Donald Trump’s family, has applied to create a national trust bank centred on stablecoin activities.
World Liberty Financial’s subsidiary WLTC Holdings has lodged a “de novo” application with the US Office of the Comptroller of the Currency (OCC) for a national trust bank charter.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The proposed institution would be responsible for issuing and safeguarding USD1, a dollar-referenced stablecoin launched by World Liberty last year.
USD1 is described as fully backed by US dollars held at regulated depository institutions, along with funds invested in short-maturity US Treasury instruments.
The token operates on ten blockchain networks, including Ethereum, Solana, BNB Smart Chain, TRON, Aptos and AB Core.
It is aimed at use cases such as near-instant cross-border payments, tokenised settlement and programmable payouts for enterprise users.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe firm’s application seeks to bring USD1 under direct federal oversight, within a regulatory category that has so far seen only one crypto-native player admitted.
Anchorage Digital remains the only digital asset platform to hold a national trust bank charter from the OCC.
World Liberty Financial said USD1 has surpassed $3.3bn in circulation during its first year.
Under the proposal, the trust bank would handle issuance and redemption of USD1 and provide custody services for digital assets.
Zach Witkoff, the proposed president and chairman of World Liberty Trust Company, said: “USD1 grew faster in its first year than any other stablecoin in history.
“Institutions are already using USD1 for cross-border payments, settlement, and treasury operations. A national trust charter will allow us to bring issuance, custody, and conversion together as a full-stack offering under one highly regulated entity.”
The company also plans to offer conversions between US dollars and USD1 without fees at launch.
World Liberty said the trust bank’s structure is being designed to comply with the recently enacted GENIUS Act, which created a federal framework for stablecoin oversight.
Mack McCain, the proposed trust officer of World Liberty Trust Company, said: “WLTC will operate under that same framework, with segregated customer assets, independent reserve management, and regular examination.
“That gives banks, asset managers, and corporations the regulatory clarity they need to further expand their use of USD1.”
