World Liberty Financial’s subsidiary, WLTC Holdings LLC, has applied to the OCC for a US bank license to issue and manage USD1 stablecoin, inspired by Donald J. Trump.
The initiative could impact stablecoin regulation and usage, enhancing USD1’s cross-border payment and treasury management appeal, while offering banks regulatory clarity.
World Liberty Financial (WLFI), a DeFi protocol inspired by Trump, is leading a new initiative through its subsidiary, WLTC Holdings LLC. They have submitted a de novo application for a national trust charter for USD1 stablecoin issuance.
Zach Witkoff, proposed President and Chairman of the trust, highlighted the rapid growth of USD1, noting the benefits of bringing issuance, custody, and conversion together under one regulated entity. This marks a significant development for their financial ecosystem.
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. Institutions are already using USD1 for cross-border payments, settlement, and treasury operations. A national trust charter will allow us to bring issuance, custody, and conversion together as a full-stack offering under one highly regulated entity. – Zach Witkoff
USD1 Circulation Reaches $3.3 Billion First-Year Mark
USD1’s circulation exceeded $3.3 billion in its first year, proving popular in institutional cross-border transactions. The trust charter seeks to ease regulatory concerns and foster better market adoption among banks and investment firms.
Mack McCain emphasized regulatory clarity as a necessity for banks and corporations utilizing USD1. Historical stability and technological adoption trends suggest potential positive impacts on USD1’s future market position.
BitGo Partnership Fuels USD1’s Unique Growth Trajectory
No historical comparison for World Liberty exists, as previous initiatives have not significantly impacted similar tokens. BitGo’s partnership, supporting a $3.3 billion growth, stands out as a unique collaboration.
Mike Belshe of BitGo anticipates continued growth, citing USD1’s initial success as a promising indicator. Kanalcoin analysis points to effective reserve management and regulatory frameworks as crucial to enduring financial developments.
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