Donald Trump · Coinbase · Circle · The Block
OCC grants conditional approval for Trump-backed World Liberty National Trust bank
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President Donald Trump-backed World Liberty Financial secured preliminary approval to become a national trust bank on Friday.
Key facts
- On Friday, in a post on X, WLF CEO Zack Witkoff said the company wants to " build the most trusted and widely used digital dollar in the world while strengthening the role of the U.S. dollar
- President Donald Trump-backed World Liberty Financial secured preliminary approval to become a national trust bank on Friday
- He is also the son of Trump's Middle East special envoy, Steve Witkoff
- Financial disclosures released in June showed that Trump received millions of dollars connected to World Liberty Financial (WLFI)
Summary
In a letter, the Office of the Comptroller of the Currency granted World Liberty Trust Company, National Association conditional approval, bringing it one step closer to a final approval for a bank charter. "The OCC hereby grants preliminary conditional approval of your charter application upon determining that your proposal meets certain regulatory and policy requirements," the regulator said in its letter. Earlier this year, WLF created a new trust company to secure a banking license from the OCC that it said would allow it to offer stablecoin issuance and redemption, on-ramp and off-ramp services, and custody and conversion. Earlier, WLF said it also plans to serve institutional customers, such as market makers, exchanges, and investment firms.