Trump-Linked World Liberty Financial Applies for National Trust Bank Charter for USD1 Stablecoin

World Liberty Financial, the Trump-linked crypto firm, filed a de novo application for a national trust bank charter with the U.S. Office of the Comptroller of the Currency (OCC). The application, made by its subsidiary World Liberty Trust Company (WLTC), aims to issue and manage USD1, a dollar-backed stablecoin.

The charter would allow WLTC to operate under federal supervision and offer services such as stablecoin issuance, custody, and conversion. This move aligns with the Trump administration's efforts to support crypto innovation, including the GENIUS Act, which encourages dollar-backed stablecoins.

In December 2025, the OCC approved conditional charters for other crypto firms like BitGo, Fidelity Digital Assets, and Circle. World Liberty's application is the latest in a wave of crypto firms seeking regulatory clarity and access to institutional financial systems.

Why Did This Happen?

World Liberty's application reflects the broader push by crypto firms to gain legitimacy and access to mainstream financial infrastructure. By securing a national trust charter, WLTC aims to operate as a regulated entity, allowing it to manage USD1 independently and provide services to institutional clients.

The Trump administration has been vocal about its pro-crypto stance. President Trump emphasized the importance of a clear and simple regulatory framework for crypto in his administration, including a proposed national bitcoin reserve. His support has encouraged crypto firms to seek federal oversight.

How Did Markets React?

The crypto market has responded positively to the increasing regulatory engagement. USD1, which has grown to over $3.3 billion in circulation, is already being used for cross-border payments and treasury operations. Approval of the charter could further institutional adoption.

Traditional banks and financial regulators have raised concerns about the risks associated with granting charters to crypto firms. Critics argue that this could increase systemic risk and complicate financial oversight.

What Are Analysts Watching Next?

Analysts are closely monitoring how the OCC will evaluate the application. The conditional approval granted to other firms suggests a willingness to engage with crypto companies, but the final decision will hinge on regulatory compliance and risk assessment.

The Federal Reserve's recent call for feedback on the potential use of "skinny" master accounts by crypto firms indicates broader regulatory interest in integrating digital assets into the financial system. A successful application by World Liberty could signal further progress toward that integration.

Market participants are also watching for potential conflicts of interest, given the Trump family's involvement in World Liberty. Zach Witkoff, a co-founder and Trump ally, emphasized that the trust company was structured to avoid conflicts.

World Liberty's application underscores the evolving relationship between crypto companies and regulators. As more stablecoins seek formal oversight, the industry is moving toward a more institutional framework. The outcome of this application could set a precedent for future applications from other crypto firms.