The Office of the Comptroller of the Currency (OCC) has conditionally approved World Liberty Trust Company's application for a national trust bank charter, which is significant as it enables the firm to issue stablecoins backed by secure assets like U.S. Treasurys.
World Liberty Financial, which claims to be 38% owned by an entity affiliated with Donald Trump and his family, currently relies on BitGo for stablecoin services. By obtaining this charter, World Liberty could potentially enhance its profitability by bringing these services in-house.
However, the approval process is not yet complete, as the company must fulfill additional requirements, including raising capital. The OCC has seen a surge in bank charter applications, particularly from crypto-related projects, with 40 applications submitted since 2025, a notable increase compared to the Biden administration.
CEO Zach Witkoff expressed a commitment to regulatory scrutiny, while some congressional Democrats, including Senator Elizabeth Warren, have raised concerns about the implications of Trump's financial interests in the crypto sector. The OCC did not comment on the approval, indicating a cautious approach to the evolving landscape of cryptocurrency regulation