A cryptocurrency platform backed by the Trump family, World Liberty Financial, has filed for a national trust bank license in the US to promote the use of stablecoin USD1 by financial institutions. The company stated that its subsidiary WLTC Holdings has submitted the application to the US Office of the Comptroller of the Currency (OCC). If approved, this license will allow World Liberty to issue, custody, and convert USD1 independently, rather than relying on third parties.
According to CEO Zach Witkoff, USD1 is already used by organizations for cross-border payments, settlements, and treasury management. The trust bank license will help World Liberty build a comprehensive, tightly regulated stablecoin ecosystem, including fee-free issuance and conversion, USD and USD1 exchanges, as well as custody of USD1 and other stablecoins.
This move comes amid the OCC becoming increasingly open to crypto services, but it may also face close scrutiny due to concerns over conflicts of interest related to President Donald Trump and his family.
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