Trump-Linked World Liberty Wins Preliminary Charter for Its Own National Bank

OCC grants World Liberty a preliminary trust bank charter

The Office of the Comptroller of the Currency (OCC), a federal banking regulator, granted World Liberty Trust Company, National Association, preliminary conditional approval for a national trust bank charter on 14 August 2026. The regulator recorded the decision as Corporate Decision No. 1385. The charter would let the Florida-based firm operate as a limited-purpose trust bank under federal supervision. World Liberty Financial, its sponsor, says on its website that an entity affiliated with President Donald Trump and his family owns 38% of the company.

World Liberty would take over USD1 issuance from BitGo

The charter would let World Liberty issue and redeem USD1, a fiat-currency-backed stablecoin, to institutional clients on a nationwide basis. The bank would assume that role from BitGo Bank & Trust, National Association, the current exclusive issuer and custodian for USD1. World Liberty would also provide digital asset custody as a fiduciary and hold the reserves backing the token. Moving these functions in-house removes a third party from the firm's stablecoin operations.

USD1 stablecoin holds a $4.2 billion market value

USD1 traded at $0.9990 at the time of publication, holding a market value near $4.2 billion (CoinPaprika, 15 August 2026). The token ranked among the larger dollar-pegged stablecoins by market capitalization. Its size shows the scale of the operation World Liberty aims to supervise directly once the charter is finalized.

Approval stays preliminary until pre-opening conditions are met

The OCC granted preliminary conditional approval only. The regulator said final approval to begin business will not come until the bank meets all pre-opening requirements. The bank must also apply for stock in a Federal Reserve Bank, a step required of new national banks. The firm must hold at least $20 million in capital and hire a qualified internal audit manager, according to reporting on the approval. World Liberty Financial welcomed the decision.

"We welcome continuous scrutiny from Federal regulators for many years to come.", 14 August 2026. — Zach Witkoff, CEO, World Liberty Financial

Charter follows a wider OCC crypto approval wave

The OCC has received 40 bank charter applications since 2025, a sharp rise from the prior administration, and many are tied to crypto projects, according to agency data. Career staff at the regulator review each application. A national trust bank like the proposed World Liberty entity cannot accept federally insured deposits or make conventional loans. Several congressional Democrats have declined to back the Clarity Act, a crypto market-structure bill, because it does not limit a sitting president's ability to profit from crypto ventures.

Senator Warren opposes the charter and plans legislation

Senator Elizabeth Warren opposed the approval and criticized Trump's financial stake in the firm. She had previously urged the OCC not to approve the application unless Trump divested his interests in the company. Warren said she and several colleagues would introduce legislation to bar presidents and senior officials from owning or controlling banks.

"President Trump is now the first President in history to approve, operate, and supervise his own bank.", 14 August 2026. — Elizabeth Warren, U.S. Senator, Massachusetts

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