The U.S. Office of the Comptroller of the Currency (OCC) has granted World Liberty Trust Co. a conditional bank charter, clearing the way for the Trump-linked firm to take over issuance of World Liberty Financial's USD1 stablecoin.
In a letter posted to its website on Friday, the OCC said it granted "preliminary conditional approval" for World Liberty to operate fiduciary and other trust company-related activities as a national trust bank. Final approval will not be granted until the company meets additional preopening requirements.
Stablecoin Issuance Role
According to the OCC letter, World Liberty Trust Company plans to issue USD1, a fiat-backed stablecoin, to institutional clients on a nationwide basis — assuming the role from BitGo Bank & Trust, the current exclusive issuer and custodian for USD1. The bank also plans to provide digital asset custody services as a fiduciary, primarily to USD1 customers and institutional clients.
World Liberty applied for the charter in January, drawing opposition from Democratic lawmakers over the fact that the broader World Liberty entities are owned in part by President Donald Trump, who appoints the regulators overseeing agencies including the OCC.
Political Pushback
In May, Senator Elizabeth Warren challenged Comptroller Jonathan Gould, accusing the OCC of approving unqualified crypto banks for trust charters. Warren had specifically asked the agency to halt World Liberty's application, but Gould responded that the agency would proceed on its normal timeline without considering politics.
Following Friday's approval, Warren and other Democrats announced plans to introduce the "Ending Presidential Corruption in Banking Act," which would block senior government officials from owning or controlling a bank.
The charter approval comes as negotiations over the Digital Asset Market Clarity Act remain stalled in the Senate, partly over an ethics provision requiring the president to divest from his crypto business ties.