World Liberty Financial Seeks Banking Charter to Expand USD1

Highlights:

• World Liberty Financial has applied for a national trust banking charter with the OCC.
• The move is targeted towards expanding USD1 and other stablecoin applications
• The proposed bank aims to create an all-encompassing platform that supports the issuance, custody, and conversion of stablecoins. 

World Liberty Financial (WLFI), backed by Donald Trump’s family, has announced plans to expand its stablecoin business in the United States. According to a press release on January 7, a company linked to WLFI, WLTC Holdings LLC, has applied for a national trust bank license with the Office of the Comptroller of the Currency (OCC). If approved, the new institution will rebrand to World Liberty Trust Company. It will operate at the federal level as a regulated trust bank that is focused on stablecoins. 

The proposed trust bank will target large financial firms, such as cryptocurrency exchanges, trading firms, and investment companies. Overall, it aims to create a single, regulated platform that supports the issuance, custody, and conversion of stablecoins. 

USD1, WLFI’s US dollar-backed stablecoin, will be at the centre of the trust bank. Within one year, the stablecoin’s circulating supply has increased to over $3.3 billion. WLFI said the expansion highlights strong demand from institutions that are already using USD1 for cross-border payments, trade settlements, and treasury management.  

Trust Bank to Offer Stablecoin-Related Services Under Federal Supervision

Reacting to WLFI’s latest move, Zach Witkoff, who is expected to become the trust bank’s President and Chairman, said the license application reflects significant growth in the WLFI ecosystem. “Institutions are already using USD1 for cross-border payments, settlement, and treasury operations. The charter will allow us to bring issuance, custody, and conversion as a full-stack offering under one regulated entity,” he added. 

Upon approval, the trust bank will offer three main services under federal scrutiny. At launch, it will issue and redeem USD1, enabling customers to mint or redeem the stablecoin for free. It will also provide on-ramp services, which allow users to convert US dollars to USD1 at no charge. Lastly, the trust bank will offer custody services by holding USD1 and other approved stablecoins for customers. With this, users can convert between stablecoins at current market prices.

The trust bank’s operations will comply with the GENIUS Act, strict anti-money laundering (AML,) and other sanctions rules. It will also use strong cybersecurity systems to protect customer assets and data. Mack McCain, WLFI’s general counsel, will serve as the trust officer for WLTC. He noted that trust banking has been in existence for over 100 years. Hence, WLTC’s proposed trust bank must adhere to the same standard set by regulators for similar firms. 

He stated:

World Liberty Financial’s USD1 Continues to Expand

Fully backed by US dollars and short-term US treasury assets held with regulated financial institutions, USD1 saw significant growth in 2025. Currently, it runs on ten blockchains, including Ethereum (ETH), Solana (SOL), Tron (TRX), Aptos, BNB Smart Chain, and AB Core. BitGo’s Chief Executive Officer (CEO), Mike Belshe, said his company is proud to have supported USD1’s growth to over $3.3 billion in its first year. He added that upon approval, BitGo will remain the trust bank’s partner to continue supporting the USD1 expansion.

WLFI’s application comes amid recent approvals of trust bank charters for many crypto-related firms like Ripple, Paxos, Circle, BitGo, and Fidelity Digital Assets. It has, however, sparked criticism from top crypto industry leaders, citing potential conflicts of interest stemming from President Trump’s profitable crypto businesses and the recent pardon granted to Changpeng Zhao.