Trump Family’s Crypto Firm Files to Become a Trust Bank
World Liberty Financial, the Trump family’s cryptocurrency platform, is seeking to become a nationally chartered trust bank. The effort focuses on bolstering its USD1 stablecoin for institutional clients.
The application was submitted to the OCC by WLTC Holdings. Success would enable in-house management of the entire USD1 lifecycle, from issuance to conversion, without external facilitators.
Zach Witkoff, the firm’s CEO, highlighted existing institutional use for payments and treasury operations. He argued that the charter would consolidate these activities into a unified, regulated entity.
Key features of the planned trust bank include fee-free transactions for creating and redeeming USD1 and seamless swaps with US dollars. It would also act as a custodian for USD1 and other stablecoins.
This comes after the OCC extended five conditional charter approvals late last year to companies like BitGo and Circle. The regulator appears poised to integrate cryptocurrency services further into the mainstream financial system.
