Key facts
- Sheikh Tahnoon bin Zayed Al Nahyan's investment group is reportedly backing a 49% stake in WLTC Holdings, the holding company for World Liberty Financial's proposed US trust bank.
- An entity linked to the Trump family holds a 38% stake in WLTC Holdings.
- The proposed bank received preliminary conditional approval from the Office of the Comptroller of the Currency on August 14.
- The venture aims to bring the issuance, redemption, and custody of World Liberty's USD1 stablecoin under federal supervision.
- Sheikh Tahnoon previously backed a significant stake in World Liberty Financial, which led to calls for hearings from Democratic senators.
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.
This development 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.