The Trump family’s crypto platform, World Liberty Financial, has filed for a national trust banking charter to boost institutional adoption of its USD1 stablecoin.
WLTC Holdings, a subsidiary of World Liberty, submitted the application to the Office of the Comptroller of the Currency (OCC) to allow in-house issuance, custody, and conversion of its stablecoin.
“Institutions are already using USD1 for cross-border payments, settlement, and treasury operations,” said World Liberty CEO Zach Witkoff.
He added that a national trust charter will enable the company to offer a full-stack solution under one highly regulated entity.
The trust bank would allow fee-free minting and redemption of USD1, convert between USD and USD1, and custody other stablecoins.
OCC Expands Crypto Banking Approvals
In December, the OCC granted conditional approvals for banking charters to Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos, signaling regulatory support for crypto services in traditional finance.
Comptroller Jonathan Gould stated that new entrants into federal banking enhance consumer access to products, services, and credit, fostering competition and diversity in the financial system.
Potential Scrutiny And Conflicts
The Trump family could face increased scrutiny with a banking charter due to potential conflicts of interest.
Donald Trump, alongside sons Eric, Barron, and Donald Jr., is listed as a co-founder of World Liberty.
Questions arose over prior actions, including Trump’s pardon of Binance founder Changpeng Zhao, reportedly linked to platform deals.
Witkoff emphasized that the trust company is structured to avoid conflicts, with the Trump family not serving as executives or handling daily operations.
This structure aims to separate regulatory oversight from family involvement while allowing the platform to scale its stablecoin operations.
