World Liberty Financial seeks license to launch a national trust bank

World Liberty Financial’s subsidiary filed a de novo application with the U.S. Office of the Comptroller of the Currency to form a national trust bank to issue and custody its USD1 dollar-backed stablecoin, which the company says has over $3.3 billion in circulation.

World Liberty Financial, a crypto venture backed by the family of President Donald Trump, said its subsidiary WLTC Holdings filed an application with the U.S. Office of the Comptroller of the Currency to establish a national trust bank. The proposed bank would issue and custody USD1, a dollar-backed stablecoin World Liberty launched last year. The company said USD1 has reached more than $3.3 billion in circulation in its first year. World Liberty said the trust bank would provide issuance, redemption and custody services and be structured to comply with the GENIUS Act. Known details: - WLTC Holdings filed a "de novo" application with the OCC for a national trust bank charter. - The bank would issue and custody USD1, which the company reports has over $3.3 billion in circulation. - World Liberty said it plans conversion services between U.S. dollars and USD1 without fees at launch. - The company said the proposed trust bank would be structured to follow the recently passed GENIUS Act federal framework for stablecoins. - Anchorage Digital is currently the only digital asset company with a national trust bank charter, and the OCC supervises about 60 national trust banks in total. - The OCC did not immediately respond to requests for comment on the application. Summary: If approved, the proposed trust bank would add to the number of national trust banks serving digital-asset activities and underpin operations for the USD1 stablecoin. The application is now with the Office of the Comptroller of the Currency and its status is undetermined at this time.