World Liberty files for a U.S. national banking charter

World Liberty Trust has filed a de novo application with the U.S. Office of the Comptroller of the Currency to seek a national trust bank charter, which would let it issue and safeguard the USD1 stablecoin. USD1’s reserves are currently custodied with BitGo and the token has a reported market value of $3.4 billion.

World Liberty Trust filed a de novo application with the U.S. Office of the Comptroller of the Currency seeking a national trust bank charter. The company says a charter would allow it to issue and safeguard USD1, the dollar-backed stablecoin it launched last year. USD1’s reserves are reported to be custodied with BitGo, and the token has a market value cited at $3.4 billion. World Liberty was launched in late 2024 with involvement from members of the Trump family, and the trust company plans to offer custody and stablecoin conversion services to institutional clients. Key details: - World Liberty Trust filed a de novo application with the OCC for a national trust bank charter. - The charter would be intended to allow the trust to issue and safeguard the USD1 stablecoin. - USD1’s reserves are reported as custodied with BitGo, and the stablecoin’s market value is cited at $3.4 billion; USD1 tokens were reported as used by a third-party investor to buy a $2 billion stake in Binance. - Trust charters generally do not permit taking deposits or making loans, a distinction highlighted in reporting. - World Liberty said the trust bank will be structured to comply with the Genius Act and follow anti-money-laundering and sanctions screening requirements. - Company statements say President Trump and his family hold a nonvoting interest in the trust company and will not serve as executives or exercise day-to-day control; critics have raised conflict-of-interest concerns related to the project. Summary: A national trust charter would change how World Liberty operates by placing its stablecoin and custody activities under a nationally chartered structure, according to the company. The application now goes to the OCC for review; timing and the next regulatory steps are undetermined at this time.