Key facts
- The OCC granted World Liberty Trust Co. a conditional national trust bank charter.
- The firm plans to issue and redeem its USD1 stablecoin, taking over from BitGo.
- World Liberty Trust Company will provide digital asset custody as a fiduciary.
- The bank will not take deposits, carry FDIC insurance, or seek a Fed master account.
- Concerns about conflicts of interest related to President Trump and Emirati investors were raised and dismissed by the OCC.
The Office of the Comptroller of the Currency (OCC) has granted World Liberty Trust Company preliminary conditional approval for a national trust bank charter. This charter allows the firm to conduct fiduciary and trust company activities, including issuing and redeeming its USD1 stablecoin, taking over this role from BitGo. The company also plans to offer digital asset custody services. The approval is contingent on World Liberty meeting further preopening requirements, such as a $20 million minimum capital requirement. Concerns regarding partial ownership by entities related to President Donald Trump and a stake purchase by an Abu Dhabi investment firm were reviewed by the OCC, which stated its career staff assessed the application against legal mandates. World Liberty Trust Company has clarified it will not become a federally insured depository institution or seek a Federal Reserve master account, and it committed to staying outside the definition of a 'bank' under the Bank Holding Company Act. The OCC has previously granted national trust charters to other digital-asset companies like Circle, Ripple, Paxos, Fidelity, and BitGo.