World Liberty Financial, the crypto firm associated with former President Donald Trump, has made significant strides towards becoming a federally chartered bank. On August 14, 2026, the Office of the Comptroller of the Currency (OCC) granted the World Liberty Trust Company preliminary conditional approval to operate as a national trust bank.
This pivotal approval allows the company to offer fiduciary and trust company services related to its USD1 stablecoin, which currently enjoys a market capitalization of $4 billion, positioning it as the fourth-largest stablecoin in the market, trailing behind Tether and USD Coin.
Details of the Approval
World Liberty Trust Company aims to take over the issuance of USD1 stablecoin from BitGo Bank and Trust, which has been the exclusive issuer and custodian. The newly chartered bank plans to provide digital asset custody services to institutional clients, enhancing its service offerings in the rapidly evolving crypto landscape.
Having initially applied for the charter in January, World Liberty clarified that the license would enable it to facilitate stablecoin issuance and redemption, as well as provide on-ramp and off-ramp services, alongside custody and conversion for institutional clients such as market makers and exchanges.
Importantly, World Liberty Trust Company does not intend to become a federally insured depository institution nor does it plan to access a Federal Reserve master account. Furthermore, this preliminary approval is not final; the company must meet additional pre-opening requirements before the OCC grants full clearance, which could also be rescinded if necessary.
CEO Zack Witkoff expressed a vision for the company on social media, stating that World Liberty intends to “build the most trusted and widely used digital dollar in the world while strengthening the role of the U.S. dollar across the global economy.” Witkoff is notably the son of Trump’s former Middle East special envoy, Steve Witkoff.
Political Backlash
However, the approval has not come without controversy. Democratic senators, led by Elizabeth Warren, have voiced strong opposition. Warren, alongside senators Angela Alsobrooks and Ruben Gallego, plans to introduce the “Ending Presidential Corruption in Banking Act.” If enacted, this legislation would prohibit senior government officials from owning or controlling a bank, a move seen as a direct response to Trump’s involvement with World Liberty Financial.
Warren has previously urged the OCC to halt its review until Trump divested from the company, emphasizing the ethical concerns surrounding this approval. In a statement, she labeled the approval as the “most brazen act of self-dealing our financial system has ever seen.”
Financial disclosures from June revealed that Trump has received millions linked to World Liberty Financial, raising further ethical questions about the intersection of politics and finance in the crypto space.
World Liberty is not alone in pursuing a federal charter; other notable crypto firms such as Coinbase, Paxos, BitGo, Ripple, and Circle have also secured conditional approvals from the OCC in recent months. OCC officials, including Comptroller Jonathan Gould, have voiced support for creating clear pathways for crypto firms to become federally supervised banks.
As negotiations continue over broader crypto legislation, including the Digital Asset Market Clarity Act, discussions have stalled, partly due to the contentious ethical provisions surrounding Trump’s business ties in the cryptocurrency sector.
