Trump Family’s World Liberty Financial Gets Preliminary Approval to Launch a Bank
The Office of the Comptroller of the Currency gives the flagship crypto venture a conditional approval to be a trust bank
World Liberty Financial, the Trump family’s flagship crypto venture, said on Friday that its trust company has received preliminary conditional approval from the Office of the Comptroller of the Currency to become a bank.
Upon final approval, World Liberty Trust will operate as a federally chartered national trust bank. The charter will allow World Liberty to issue, redeem and safeguard USD1, the dollar-backed stablecoin that World Liberty launched last year. The stablecoin, whose reserves are currently custodied with BitGo, has a market value of about $4 billion.
The firm said it would have to satisfy a list of conditions and receive a final examination from the OCC before it can become operational.