The Office of the Comptroller of the Currency has granted "preliminary conditional approval" to World Liberty Trust Co.
By Nikhilesh De|Edited by Jesse HamiltonUpdated 43 min agoPublished 54 min ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on President Donald Trump at the White House (Jesse Hamilton/CoinDesk)SummaryShow- The U.S. Office of the Comptroller of the Currency has issued a federal charter to World Liberty Trust Company, enabling it to manage the issuance of World Liberty Financial’s USD1 stablecoin.
- Concerns were raised by lawmakers regarding the company’s application due to its connections with President Donald Trump.
The Office of the Comptroller of the Currency (OCC) announced on Friday that it has granted a conditional bank charter to World Liberty Trust Co.
According to a letter released on its website, the OCC stated that World Liberty would be authorized to engage in fiduciary and other trust-related activities as a national trust bank.
“This preliminary conditional approval is granted based on a thorough evaluation of all information available to the OCC, including the representations and commitments made in the application and by the Bank’s representatives,” the letter detailed.
However, the OCC noted that final approval is contingent on the company fulfilling additional “preopening requirements.”
The focus of World Liberty Trust Company will be on services associated with World Liberty Financial’s USD1 stablecoin.
“The bank intends to issue USD1, a fiat-backed stablecoin, to institutional clients across the nation, taking over this role from BitGo Bank & Trust, National Association (BitGo), which is currently the exclusive issuer and custodian for USD1,” the letter explained. “The bank aims to provide digital asset custody services primarily to USD1 clients and other institutional customers.”
World Liberty submitted its charter application in January, which drew opposition from Democratic lawmakers concerned about the company’s ties to President Donald Trump, who has influence over the regulatory bodies including the OCC.
In May, Senator Elizabeth Warren criticized Comptroller of the Currency Jonathan Gould, accusing him of approving unqualified crypto banks for trust charters amid a surge of applications from companies looking to issue U.S. stablecoins and access banking systems directly. She claimed these institutions sought to bypass essential banking safeguards and obligations.
Despite Warren’s request for the OCC to halt the application process for the Trump-affiliated World Liberty, Gould informed her that the agency would proceed with the application based on its regular timeline, without political considerations.
World Liberty and the USD1 stablecoin have come under scrutiny following an investment firm from Abu Dhabi acquiring a stake in World Liberty Financial last year.
The OCC noted that these concerns were addressed in public comments, and stated that “career OCC staff reviewed the application for consistency” with legal and regulatory standards.
World Liberty Trust Company has indicated that it does not plan to become a federally insured depository institution or to be classified as a “bank” under the Bank Holding Company Act. Additionally, it will not seek access to a Federal Reserve master account.
UPDATE (Aug. 14, 2026, 21:15 UTC): Additional details added.
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