Trump’s World Liberty Financial Seeks Bank Charter for USD1

World Liberty Financial, the Trump family's crypto platform, has applied to the Office of the Comptroller of the Currency (OCC) for a national trust banking charter through its subsidiary, WLTC Holdings. This charter would enable the company to issue, custody, and convert its USD1 stablecoin in-house, moving away from reliance on third parties like BitGo. CEO Zach Witkoff stated this full-stack offering under a highly regulated entity will benefit institutions already using USD1 for cross-border payments and treasury operations, allowing for fee-free minting and redemption. The OCC has previously granted conditional approvals to other crypto firms, signaling openness to integrating crypto services into traditional finance. However, World Liberty and the OCC may face increased scrutiny due to President Donald Trump's association with the company, although CEO Witkoff noted the structure was designed to avoid conflicts of interest by excluding the Trump family from executive roles or day-to-day control.

(Source：Cointelegraph)