Sheikh Tahnoun bin Zayed Al Nahyan's structure acquires a 49% stake in WLFI, which is set to launch a national trust bank for crypto and USD1 operations.
A structure associated with Sheikh Tahnoun bin Zayed Al Nahyan has acquired a 49% stake in WLTC Holdings, the holding company for World Liberty Financial (WLFI), while the Trump family maintains an additional 38% ownership, as reported by the Wall Street Journal.
The U.S. Office of the Comptroller of the Currency (OCC) granted provisional approval in August for WLFI to establish a national trust bank, which aims to manage the issuance, redemption, and custody of the USD1 stablecoin, alongside providing crypto asset storage solutions.
Before operations can commence, WLFI must satisfy various regulatory requirements and undergo a final review.
Investment Structure and Key Players
The investment by UAE stakeholders is executed through StringZ Holding RSC, which was incorporated in Abu Dhabi in April 2025 and in Delaware shortly thereafter. Tahnoun, who is also the UAE's national security advisor and brother of President Mohammed bin Zayed Al Nahyan, is a key figure behind StringZ.
Previously, Tahnoun's Aryam Investment 1 invested $500 million into WLFI, securing a 49% share of the company, which is mirrored in their stake in the banking venture via StringZ Holding.
The OCC required that major shareholders, including StringZ and the Trump family, sign agreements to ensure passive ownership, prohibiting them from exerting control over the bank's management, a condition not commonly seen in banking license approvals.
Bank's Role in USD1 Management
WLFI has been developing its banking division since July 2025, following the enactment of the GENIUS Act, which permits stablecoin issuers to hold reserve assets that back their tokens. Currently, BitGo oversees the issuance of USD1 and acts as its custodian, sharing revenue from its operation. Once WLFI secures its final banking license, it will assume these responsibilities and offer client crypto asset storage for a fee.
WLFI's stablecoin has a current market capitalization of approximately $4.08 billion.
Concerns Over Foreign Ownership
The involvement of UAE investors in the banking project has sparked concerns among Congressional Democrats. Senator Elizabeth Warren previously called for transparency regarding Tahnoun's role in the initiative, leading to a collective inquiry from 40 lawmakers about potential risks related to foreign ownership and national security.
The OCC has stated that WLFI's application is under review by ethics experts. A World Liberty representative confirmed this but withheld details about the ownership structure. The White House has dismissed any allegations of conflicts of interest involving the president.
Investors Report Significant Losses
Public Citizen estimated on August 27 that investors in Trump-associated crypto projects have incurred losses of at least $4.7 billion, primarily from unrealized losses. Analysts attribute around $3.2 billion of these losses to the meme coin TRUMP, with additional losses from the WLFI token, the Trump Media crypto treasury, and the Trump Digital Trading Cards NFT collection.
Data indicates that 82% of approximately 31,000 retail addresses that bought WLFI on decentralized exchanges were in a loss position as of early August, amounting to total losses of $54 million. This figure does not include transactions on centralized platforms, where substantial trading activity occurs.
Trump reportedly earned at least $1.4 billion from crypto-related ventures in 2025, according to his official disclosures. Despite the controversies, a Reuters poll in August revealed that many Americans consider the profits made by Trump and his family from cryptocurrencies to be inappropriate.
