Key facts
- The OCC granted World Liberty Trust Co. a conditional national trust bank charter.
- The charter allows the firm to issue and manage its USD1 stablecoin and provide custody services.
- Final approval is contingent on World Liberty meeting additional preopening requirements.
- Concerns regarding President Donald Trump's partial ownership in related entities were reviewed by the OCC.
- World Liberty Trust Co. will not be a federally insured depository institution.
The Office of the Comptroller of the Currency (OCC) has granted World Liberty Trust Co. preliminary conditional approval for a national trust bank charter, allowing it to conduct fiduciary and trust company activities. This approval is contingent on the firm meeting further preopening requirements. World Liberty Trust Company intends to issue its USD1 stablecoin, currently with a $4 billion market cap and ranking as the fourth-largest stablecoin, to institutional clients. It will take over issuance and custody from BitGo Bank & Trust, National Association. The firm also plans to offer digital asset custody services. 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.