Trumps and Witkoffs Apply for Crypto Bank Charter

World Liberty Financial, co-founded by the Trumps and Zach Witkoff, is applying for a federal charter to establish World Liberty Trust Company, a proposed national trust bank for the USD1 stablecoin.

The approval could integrate USD1 more deeply into financial systems, influencing stablecoin markets and regulatory frameworks, while reflecting growing institutional interest in digital currencies.

USD1 Stablecoin Bank Seeks OCC National Charter

The initiative is led by the Trump family and the Witkoffs, who are key stakeholders in WLF. This move signifies an attempt to strengthen USD1's role in institutional finance. Zach Witkoff, Proposed President & Chairman, World Liberty Trust Company, noted, "This application marks a further evolution of the World Liberty Financial ecosystem. USD1 grew faster in its first year than any other stablecoin in history.” (source)

USD1's $3.3 Billion Circulation Faces Market Expansion

The USD1 stablecoin currently has $3.3 billion in circulation. Its potential national trust charter could reshape its integration into financial markets.

Analysts note a charter would provide regulatory clarity and broaden USD1's use in cross-border payments. This move aligns with previous regulatory trends encouraging structured oversight of digital assets.

OCC Charter Could Boost USD1's Market Stability

The OCC has granted national trust charters to digital asset firms before. This has often led to expanded use and stability for associated stablecoins.

Experts highlight that WLTC's potential charter could mirror prior successes, enhancing USD1's institutional adoption and operational integrity in the burgeoning stablecoin landscape.