World Liberty Financial has cleared a major step toward opening a national trust bank in the United States.
The Office of the Comptroller of the Currency, known as the OCC, gave preliminary conditional approval to World Liberty Trust Company on August 14. The proposed bank is tied to World Liberty Financial, a crypto firm linked to President Donald Trump and his family.
The approval is important for the firm’s USD1 stablecoin. USD1 is designed to keep a value of one US dollar. It has grown to more than $4 billion in circulation, making it one of the largest stablecoins in the market.
World Liberty wants the new trust bank to issue and redeem USD1. It also plans to manage the reserves behind the stablecoin and provide digital asset custody for institutional clients. These services would operate under OCC supervision.
The move could also reduce the firm’s need for outside firms. World Liberty has relied on BitGo for key USD1 services. If the new bank receives final approval, it could take over the issue and custody of USD1 itself.
Still, the OCC decision is not a final bank license.
World Liberty Trust must first meet a list of conditions. The company must maintain at least $20 million in capital. It must also meet internal audit and other control rules before it can start full operations. The OCC will review the bank again before it opens.
The proposed bank will also have limits. It will be a national trust bank, not a normal retail bank. It will not take regular deposits or make loans. It also will not operate like a standard consumer bank with checking and savings accounts.
The decision has also raised political concerns.
World Liberty Financial has close ties to the Trump family. The company’s own disclosures say an entity linked to Donald Trump and some relatives owns 38% of the business. That connection has led to questions about conflicts of interest.
Democratic lawmakers have criticized the application. Senator Elizabeth Warren has been among those who raised concerns about Trump’s business interests and the role of federal regulators. Other comments on the application also raised concerns about foreign investors and possible influence over the bank.
The OCC said its review followed its normal legal and regulatory process. Foreign investors linked to the company also agreed to limits on their ability to control or influence the proposed bank, according to the approval decision.
The bank’s planned leadership also has close links to the Trump and Witkoff families. Zach Witkoff, a World Liberty Financial co-founder, is set to chair the bank. He is the son of Steve Witkoff, who serves as a special envoy for Trump. Other proposed directors include financial and accounting professionals.
For the crypto sector, the approval shows how digital asset firms are moving closer to the US banking system. A federal trust charter could give stablecoin services a stronger regulatory structure.
For World Liberty, however, the next step is still crucial. The company must complete the OCC’s conditions and pass the required checks before the bank can begin operations.
The preliminary approval is a major milestone. But it is not the end of the process. Final approval will decide whether World Liberty Trust can become a working national trust bank and bring USD1 services under its own federal structure
