(Bloomberg) — World Liberty Financial, the crypto venture co-founded by President Donald Trump, is seeking a national trust bank charter for one of its entities that would allow it to expand its USD1 stablecoin operations.
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WLTC Holdings LLC has filed a de novo application with the Office of the Comptroller of the Currency to establish World Liberty Trust, a proposed national trust bank purpose-built for stablecoin services, World Liberty said in a statement Wednesday in New York. The news was first reported by the Wall Street Journal.
World Liberty is the latest crypto firm to apply for a bank charter, a push that’s
World Liberty, whose website lists the president as “co-founder emeritus,” has raised money through sales of its WLFI token, which was initially designed as a non-transferable governance token but later became tradable. Its USD1 stablecoin, which was used by a fund to invest in crypto exchange Binance, has a market capitalization of $3.4 billion, according to tracker CoinGecko. If granted, the charter will allow World Liberty Trust to serve institutional customers, such as crypto exchanges, the company said. It will also offer digital asset custody and stablecoin conversion services, enabling holders of other stablecoins to move into USD1, it said.
“A national trust charter provides a clear federal framework for custody, reserve management, and fiduciary oversight,” World Liberty co-founder Zach Witkoff told Bloomberg in a message. “Over time, that can enable more direct institutional participation, stronger consumer protections, and broader use in regulated payment and settlement flows — always subject to supervisory approval.”
President Trump has been pushing a crypto-friendly agenda, and recently signed into law a bill regulating U.S. dollar-backed stablecoins.
