Full Breakdown
World Liberty Financial Seeks National Trust Banking Charter
1/8/2026, 8:10:53 AM
Application for Banking Charter
World Liberty Financial (WLF), a cryptocurrency firm associated with President Donald Trump's family, has applied for a national trust banking charter with the Office of the Comptroller of the Currency (OCC). This move aims to enhance the institutional adoption of its stablecoin, USD1, which is designed to maintain a fixed value against the U.S. dollar. The application was announced on Wednesday, with WLF co-founder Zach Witkoff stating that the charter would allow the company to issue, custody, and convert USD1 in-house, rather than relying on third-party providers like BitGo.
The national trust charter would enable WLF to offer custodial banking services and access national payment networks while operating under OCC supervision. This differs from a national bank charter, which imposes stricter regulations and allows for broader consumer banking services. Witkoff emphasized that institutions are already utilizing USD1 for various financial operations, including cross-border payments and treasury functions.
Background and Context
WLF was established in September 2024, with the stablecoin USD1 launched in March 2025. The company has faced scrutiny regarding potential conflicts of interest due to President Trump's pro-cryptocurrency policies and his family's involvement in the industry. A notable transaction involving WLF's stablecoin was a $2 billion deal between the crypto exchange Binance and Emirati investment firm MGX, which raised concerns about the intertwining of Trump's political influence and family business interests.
Criticism and Opposition
The scrutiny surrounding WLF intensified following President Trump's pardon of Binance founder Changpeng Zhao, who had been convicted of violating anti-money laundering laws. Critics have raised alarms about the implications of Trump's connections to WLF, questioning the integrity of the regulatory process. Despite these concerns, both WLF and the White House have asserted that the president does not influence company decisions.
Official Statements & Responses
Zach Witkoff remarked, “This application marks a further evolution of the World Liberty Financial ecosystem,” highlighting the rapid growth of USD1, which he claims has outpaced other stablecoins in its first year. The OCC has previously granted conditional approvals for several crypto companies, indicating a willingness to integrate digital assets into the traditional banking framework. Comptroller of the Currency Jonathan Gould noted that new entrants into the federal banking sector could benefit consumers and enhance competition within the banking industry.
What's Next
As WLF awaits a decision from the OCC, the company is positioned among a growing number of digital asset firms seeking regulatory approval to operate within the U.S. banking system. The outcome of this application could significantly impact WLF's ability to manage its stablecoin and expand its services, while also drawing further examination of the potential conflicts of interest associated with its leadership.
