Key facts
- An Abu Dhabi royal's investment group reportedly backs a 49% stake in WLTC Holdings, the holding company for World Liberty Financial's proposed US trust bank.
- An entity affiliated with Donald Trump's family owns a 38% stake in WLTC Holdings.
- The proposed World Liberty Trust Company received preliminary conditional approval from the OCC on August 14.
- The venture aims to bring the issuance, redemption, and custody of World Liberty's USD1 stablecoin under federal supervision.
- Solana validators approved a proposal to double the network's annual disinflation rate from 15% to 30%.
- California lawmakers passed a bill to ban public officials from involvement with memecoin issuance.
An investment group led by Abu Dhabi's national security adviser, Sheikh Tahnoon bin Zayed Al Nahyan, is reportedly backing a significant stake in the holding company behind World Liberty Financial's proposed US trust bank. According to The Wall Street Journal, Sheikh Tahnoon's group is behind StringZ Holding RSC, which holds 49% of WLTC Holdings. An entity connected to the family of US President Donald Trump reportedly owns an additional 38% of WLTC Holdings.
If granted final approval, the planned World Liberty Trust Company would bring the issuance, redemption, and custody of the company's USD1 stablecoin under federal supervision. The Office of the Comptroller of the Currency (OCC) provided preliminary conditional approval on August 14, confirming StringZ as an investor but not identifying Sheikh Tahnoon or his specific stake. The bank must meet pre-opening requirements before commencing operations.
In separate developments, Solana validators approved a proposal to double the network's annual disinflation rate from 15% to 30%, aiming to reduce the pace of new SOL entering circulation. California lawmakers also passed a bill restricting public officials' involvement with memecoins, citing concerns around conflicts of interest. This news follows Sheikh Tahnoon's previous backing of a $500 million purchase of 49% of World Liberty Financial, a transaction that previously prompted Democratic senators to call for hearings into potential influence on US policy toward the UAE.