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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesWorld Liberty Financial wants its USD1 stablecoin business to operate through a federally chartered national trust bank. The aim is to bring USD1 issuance, redemption, reserve management, institutional custody and some conversion services under one entity supervised by the Office of the Comptroller of the Currency (OCC). The proposed bank has preliminary conditional approval, but it is not yet authorized to open.
What kind of bank is World Liberty trying to become?
World Liberty Financial subsidiary WLTC Holdings LLC applied to the OCC on January 7, 2026, for a national trust bank charter. The proposed institution, World Liberty Trust Company, National Association, is not designed as a conventional retail bank. The OCC’s August 14, 2026 decision limits it to trust-company operations and related activities described in its approved business plan. The OCC’s decision describes plans to issue USD1 to institutional clients nationwide, provide fiduciary digital-asset custody, and convert approved stablecoins into USD1 for custody customers in connection with their custodied assets.
In practical terms, the charter would put key parts of the stablecoin operation—issuance, redemption, reserves and custody—inside a national trust bank subject to OCC oversight. When the OCC issued its decision, BitGo Bank & Trust was USD1’s exclusive issuer and custodian; the proposed World Liberty Trust intended to assume those functions.
Why does USD1 need a bank charter?
The charter would give World Liberty a regulated institutional structure for managing the services that support USD1. Instead of relying on a separate provider for issuance and custody, the proposed bank would be positioned to handle those activities itself, alongside reserve management, under federal supervision. That is the company’s intended operating rationale, not proof that a charter will make USD1 safer or that the proposed bank has already taken over these functions.
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World Liberty Trust president and chairman Zach Witkoff described the company’s case in an August 14, 2026 statement: “A national trust bank brings USD1 issuance, custody, and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations. We welcome continuous scrutiny from Federal regulators for many years to come.” The statement expresses the company’s position; it is not an independent regulatory finding. Reuters reported the conditional approval and quoted Witkoff’s statement.
Can this bank take deposits or make loans?
Not as an ordinary commercial bank would. Reuters reported that a national trust bank charter of this kind generally does not permit deposit-taking or lending like a traditional bank. The OCC’s conditions also require the proposed institution to limit operations to its approved trust-company plan and not meet the Bank Holding Company Act definition of a “bank.”
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The OCC says the proposed bank would not be an insured depository institution. USD1 would not become an FDIC-insured deposit simply because its issuer operated under a national trust bank charter. The OCC’s decision explains that payment stablecoins are not deposits covered by federal deposit insurance under the GENIUS Act.
| Feature | Proposed national trust bank | Conventional insured commercial bank |
|---|---|---|
| Core purpose described here | Trust-company services, including institutional stablecoin issuance and fiduciary digital-asset custody, within the OCC-approved plan. | Commercial banking, which can include deposit-taking and lending. |
| Deposits and lending | Generally not permitted by this type of charter, according to Reuters. | May take deposits and make loans, subject to applicable law and regulation. |
| Federal deposit insurance | The proposed bank would not be an insured depository institution; USD1 is not an FDIC-insured deposit. | Eligible deposits at insured banks may be covered by FDIC insurance, subject to applicable limits and rules. |
| Customer scope in the OCC plan | USD1 issuance to institutional clients nationwide; stablecoin conversion for custody customers in relation to their custodied assets. | Not specified in the OCC decision for comparison. |
Has the OCC approved it to open?
No. On August 14, 2026, the OCC granted preliminary conditional approval to the proposed World Liberty Trust Company, National Association. The decision states: “The OCC has granted preliminary conditional approval only.” The institution cannot commence business until it meets pre-opening requirements, and the OCC may modify, suspend or rescind the preliminary approval before then. The decision is therefore not evidence that the bank is open, has customers, or has assumed USD1’s existing issuance and custody operations.
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| Stage | What it means in this case |
|---|---|
| Preliminary conditional approval | The OCC has conditionally approved the proposal, subject to requirements and possible modification, suspension or rescission before opening. |
| Final authorization to commence | The proposed bank may begin business only after satisfying the OCC’s pre-opening requirements. |
What conditions would the proposed bank have to meet?
The OCC’s preliminary approval sets financial and operational controls. These are requirements the proposed institution must meet; they do not establish that it has already done so.
- Stay within the approved plan: Limit operations to the approved trust-company business plan and avoid meeting the Bank Holding Company Act definition of a “bank.”
- Maintain capital: Hold at least $20 million in Tier 1 capital.
- Keep liquid assets: Maintain eligible liquid assets equal to at least the greater of half its Tier 1 capital or $10 million.
- Hold an operating-expense reserve: Separately maintain eligible liquid assets equal to 180 days of operating expenses.
- Seek OCC no-objection for significant changes: During the in-organization period and the first three years of operation, give advance notice and obtain the OCC’s written no-objection for significant business-plan or operational changes.
- Adapt to stablecoin rules: Conform, cease or divest stablecoin activities if needed to comply with the GENIUS Act, implementing regulations or other applicable future rules.
What are the conflict-of-interest concerns, and how did the OCC respond?
The OCC decision records seven public comments from four commenters. They raised concerns about potential conflicts involving President Donald Trump and his family, the Witkoff family and non-U.S. investors; whether the proposed services fit a trust-bank charter; the amount of public information; and the risks of supervision and stablecoin activities.
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Senator Elizabeth Warren argued in a January 13, 2026 letter that the application presented serious conflicts because the OCC would regulate a company financially tied to the president’s family. That is the senator’s political and legal argument, not a finding by the OCC. Warren’s letter to the OCC sets out her concerns.
The OCC said it reviewed the application under established policies and that career staff handled the review through delegated authority. It found the listed activities permissible for a national trust bank. On objections involving foreign investors, purchases of WLFI tokens and related potential legal issues, the OCC said those matters fell outside the scope of this application because World Liberty Financial, Inc. and those investors were not parties to the charter application. That explains the agency’s handling of the charter application; it does not settle the broader political dispute. CBS’s August 17 coverage also reported Democratic criticism and World Liberty’s response that a national charter would bring continuing OCC supervision.
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