World Liberty Financial (WLFI), the crypto venture and DeFi protocol backed by President Donald Trump and his three sons – Eric Trump, Donald Trump Jr., and Barron Trump – is seeking a U.S. banking license that would allow the firm to expand the operations of its USD1 stablecoin in the country.
WLFI is the latest crypto firm to file applications to obtain national trust bank charters, marking a significant step toward federal regulation of digital asset services. The OCC granted conditional approvals in December 2025 to five firms – Circle, Ripple, BitGo, Paxos, and Fidelity Digital Assets – to become federally chartered national trust banks, while applications from Coinbase, Bridge, and Crypto.com remain under review.
Trump-Backed Firm Applies for U.S. Bank Charter to Manage USD1 Stablecoin
WLTC Holdings LLC, a newly launched trust company, has filed a de novo application with the Office of the Comptroller of the Currency (OCC) to establish World Liberty Trust Company National Association, a proposed national trust bank focused on stablecoin operations. OCC is the federal agency that regulates and supervises national banks in the United States.
If approved, the charter would allow WLTC Holdings LLC to issue and provide custody and conversion services for USD1 under a single federally regulated entity. Trust banks differ from traditional banks in that they typically cannot accept deposits or issue loans. World Liberty plans to serve institutional clients such as crypto exchanges, market makers, and investment firms, while also allowing holders of other stablecoins to convert into USD1.
“A national trust charter provides a clear federal framework for custody, reserve management, and fiduciary oversight. 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,” Zack Witkoff, president and chairman of World Liberty Financial, told Bloomberg in a message.
World Liberty added that issuance, on-ramp, and off-ramp services, and custody would launch with zero fees initially, with conversions offered at prevailing market rates. The trust bank is designed to comply with the GENIUS Act and will operate under federal supervision with full anti-money laundering (AML) screening, sanctions compliance, and cybersecurity controls. Mack McCain, general counsel of World Liberty Financial, is expected to be assigned as a trust officer, overseeing fiduciary responsibilities. The company noted that the OCC framework would provide regulatory clarity for banks, asset managers, and corporations looking to utilize stablecoins, reducing their reliance on third-party providers and scaling crypto product development.
WLFI Chair Zack Witkoff: USD1 Is the Fastest-Growing Dollar Stablecoin
USD1, launched early last year, has already reached a market capitalization of $3.37 billion, ranking among the leading stablecoins. It was used by World Liberty’s partner to make a $2 billion investment in Binance – the world’s largest cryptocurrency exchange. The token operates across ten blockchains, including Ethereum, Solana, BNB Smart Chain, TRON, Aptos, and AB Core.
Witkoff highlighted that the bank charter marks a “further evolution” of the WLFI ecosystem. He also noted that USD1 grew faster in its first year than any other stablecoin in history. According to the World Liberty Financial co-founder, institutions are already using USD1 for cross-border payments, settlement, and treasury operations.
“A national trust will allow us to bring issuance, custody, and conversion together as a full-stack offering under one highly regulated entity,” added Witkoff.
The move comes as President Trump continues to push for a crypto-friendly policy agenda in the United States. Last July, he signed the Guiding and Establishing National Innovation for U.S. Stablecoin (GENIUS) Act – the first major federal framework regulating USD stablecoins – into law.
World Liberty Financial, launched in October 2024, listed the 45th and 47th U.S. Presidents and their three sons as co-founders. Officials at the DeFi firm stated the trust has been structured to avoid conflict of interest, with the Trump family holding only non-voting interests with no operational control.
At the time of writing, WLFI is trading at $0.1714 – up 1.63% in the last 24 hours.
