The U.S. Office of the Comptroller of the Currency (OCC) has announced that it has granted World Liberty Trust Company a conditional bank charter, allowing the company to operate fiduciary and other trust-related activities as a national trust bank.
“This preliminary conditional approval is granted based on a thorough evaluation of all information available to the OCC, including the representations and commitments made in the application and by the Bank’s representatives,” the OCC stated.
World Liberty Trust Company will focus on services related to World Liberty Financial’s USD1 stablecoin.
“The bank plans to issue USD1, a fiat currency-backed stablecoin, and provide its digital asset custody services as a fiduciary, primarily to USD1 customers and other institutional clients,” the OCC noted.
World Liberty applied for the charter in January of this year, raising concerns among Democratic lawmakers due to the fact that the broader World Liberty entities are partially owned by President Donald Trump.
Senator Elizabeth Warren challenged Comptroller of the Currency Jonathan Gould in May, accusing him of approving unqualified crypto banks for trust charters.
World Liberty Trust Company does not intend to become a federally insured depository institution or a “bank” as defined by the Bank Holding Company Act.
