World Liberty Financial has received preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank, marking a major step for the Trump family-backed crypto venture.
The OCC issued its decision on Friday, August 14. However, the approval does not yet allow the proposed World Liberty Trust Company to begin operating as a national bank. The company must first meet regulatory requirements and receive final approval.
The proposed trust bank would allow World Liberty to issue its USD1 stablecoin directly and manage the US dollar assets that support it. It could also provide custody and other trust services for customers.
Currently, business partner BitGo handles USD1 issuance and custody of its backing assets. The new structure would bring those functions under OCC supervision.
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Unlike a traditional commercial bank, the proposed trust bank would not generally accept deposits or provide loans. Instead, its activities would focus on asset custody, stablecoin operations and related trust services.
The OCC has imposed several conditions on the proposed bank. These include maintaining at least $20 million in capital, hiring a qualified internal audit manager and notifying the regulator about significant changes to its business plan.
World Liberty welcomed the decision and described it as a milestone in its plans to establish the bank. The company said federal supervision would bring USD1 issuance, custody and reserve management under one regulated structure.
The approval also addresses concerns about foreign investors. The OCC said several investors had signed “passivity agreements” promising not to control or influence the bank’s operations or decisions. Eric Trump signed one such agreement as president of a Trump-family-affiliated investment vehicle.
World Liberty Financial was founded in late 2024 by Donald Trump, his sons and members of the Witkoff family. Zach Witkoff, son of Trump’s special diplomatic envoy Steve Witkoff, serves as the company’s CEO and also leads the proposed trust bank.
Other members of the Witkoff family also have roles in the proposed institution. Robert Witkoff is set to serve as a director, while Scott Alper, president of the family’s real estate business, is another proposed director.
The OCC’s decision comes amid growing interest from crypto companies seeking federal trust bank charters. Ripple and Circle have also received preliminary approvals for similar institutions.
Democratic lawmakers have raised concerns about potential conflicts of interest and foreign investment in World Liberty. They previously urged Treasury officials to examine national security implications linked to reported foreign investment in the company.
The OCC said its staff reviewed the World Liberty application and that officials acted within their legal and ethical responsibilities. It also said career examiners would supervise the proposed bank.
World Liberty has promoted USD1 as a dollar-backed stablecoin designed to support financial activity on blockchain networks. The stablecoin launched in March 2025 and has grown rapidly.
According to Reuters, USD1 had a market capitalisation of about $4 billion, making it the fourth-largest stablecoin. Reuters also estimated that the Trump family earned about $50 million from USD1 through June 2026 and that World Liberty’s ventures had generated more than $1.6 billion for the president and his family by April.
