The Office of the Comptroller of the Currency has conditionally approved a national trust bank charter for World Liberty Trust Company, a crypto venture 38% owned by an entity affiliated with President Donald Trump and his family. The charter enables the firm to bring custody and issuance of its USD1 stablecoin in-house from BitGo. Senator Elizabeth Warren condemned the decision as unprecedented presidential self-dealing, prompting Democrats to propose blocking officials from owning banks. World Liberty must raise $20 million in capital and hire an internal audit manager to secure final approval.
World Liberty conditional bank charter
- ▪World Liberty Trust Company, which is sponsored by the Trump family-backed crypto firm World Liberty Financial, applied for its federal bank charter in January 2026.
- ▪The Office of the Comptroller of the Currency granted preliminary conditional approval to World Liberty Trust Company's application for a national trust bank charter on August 14, 2026.
USD1 stablecoin issuance transition
- ▪The national trust bank charter will enable World Liberty Trust Company to consolidate USD1 stablecoin issuance, custody, and reserve management under a single federally supervised organization.
- ▪World Liberty Trust Company plans to assume the role of issuing and redeeming the USD1 stablecoin from its current exclusive issuer and custodian, BitGo Bank & Trust.
Digital asset custody services
- ▪World Liberty Trust Company does not intend to become a federally insured depository institution, accept conventional deposits, make standard loans, or access a Federal Reserve master account.
- ▪World Liberty Trust Company plans to provide digital asset custody services as a fiduciary, primarily to USD1 stablecoin customers and other institutional clients.
Trump family conflict concerns
- ▪Following the OCC approval, Senator Elizabeth Warren and other Senate Democrats announced plans to introduce the Ending Presidential Corruption in Banking Act to block senior officials from owning banks.
- ▪Senator Elizabeth Warren criticized the approval, stating that Donald Trump is the first president in history to approve, operate, and supervise his own bank, calling it an act of self-dealing.
- ▪The Office of the Comptroller of the Currency rejected public objections regarding potential Trump family conflicts and foreign investments, stating career staff reviewed the application under established procedures.
OCC crypto charter approvals
- ▪In May 2026, Senator Elizabeth Warren challenged Comptroller of the Currency Jonathan Gould, accusing him of approving unqualified crypto banks for trust charters.
- ▪The Office of the Comptroller of the Currency has received 40 bank charter applications since 2025, representing a sharp increase compared to the term of President Joe Biden.
Pre-opening capital requirements
- ▪World Liberty Trust Company must inform the Office of the Comptroller of the Currency of any significant changes to its business plan before receiving final operational approval.
- ▪To secure final approval, World Liberty Trust Company must meet preopening requirements, including hiring a qualified internal audit manager and maintaining at least $20 million in capital.
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