- World Liberty Financial subsidiary WLTC Holdings filed for a U.S. national trust bank charter to issue and custody the USD1 stablecoin.
- The move aims to bring issuance, custody, and conversion of USD1 in-house under a single regulated entity.
- The trust bank would enable fee-free minting and redemption of USD1 and conversion between U.S. dollars and USD1.
- The Office of the Comptroller of the Currency’s recent approvals for other crypto firms signals regulator openness to crypto banking entrants.
- The filing could draw scrutiny because Donald Trump is listed as a co-founder and the company has ties to broader crypto figures and actions.
World Liberty Financial said on Wednesday that its unit WLTC Holdings has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter to issue, custody, and convert its USD1 stablecoin, according to a press release.
Company chief executive Zach Witkoff said the charter would let the firm combine issuance, custody and conversion under “one highly regulated entity.” “Institutions are already using USD1 for cross-border payments, settlement, and treasury operations,” he added.
Under the proposed trust bank, the firm would offer fee-free minting and redemption of USD1, convert between U.S. dollars and USD1, and custody USD1 and other stablecoins. The application would let the company perform these services in-house rather than rely on third-party providers such as BitGo.
The OCC signaled broader openness to crypto entrants after granting conditional approvals in December to firms including Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos. Comptroller Jonathan Gould said the approvals show that “new entrants into the federal banking sector are good for consumers, the banking industry and the economy [as] they provide access to new products, services and sources of credit to consumers, and ensure a dynamic, competitive and diverse banking system.”
The filing could invite scrutiny from lawmakers because Donald Trump is listed as a co-founder alongside his sons. The company has faced questions tied to broader crypto dealings, including a presidential pardon for Binance founder Changpeng Zhao. The firm’s leadership said it structured the trust company “to avoid conflicts of interest,” a point that was reported by the Wall Street Journal. The company also shared information about the filing on its X account.
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