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World Liberty Financial Trust Company receives conditional bank charter approval from the OCC

The Office of the Comptroller of the Currency (OCC) granted conditional approval for World Liberty Financial Trust Company to establish a national bank. The company, which is owned 38% by the Trump family, aims to expand the use of its dollar-pegged stablecoin, USD1. While the administration announced the approval, Democrats alleged that the move represents a stark example of corruption, noting that a US president has never previously had a personal interest in a bank his own administration approved. However, the OCC clarified that the application was reviewed by career staff rather than political appointees, to ensure the ethics of the process. World Liberty Financial argues that the bank charter will provide robust regulatory oversight and reduce costs for the USD1 stablecoin. The company currently holds a minor market share in the stablecoin industry, but seeks to gain legitimacy and potential government support. The administration announced that the bank must meet several conditions, including maintaining capital levels and hiring an outside auditor, before receiving final approval.

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