- The OCC granted preliminary conditional approval on Aug. 14, 2026, for World Liberty Trust Company to operate as a national trust bank.
- The charter would allow the firm to assume issuance of the USD1 stablecoin from BitGo and offer digital asset custody to institutional clients.
- Final approval remains contingent on meeting preopening requirements, including capital and compliance standards.
- USD1 ranks among the larger dollar-backed stablecoins with a market capitalization near $4 billion.
The Office of the Comptroller of the Currency granted preliminary conditional approval on Aug. 14, 2026, to World Liberty Trust Company, National Association, to establish a national trust bank focused on stablecoin and digital asset services.
According to the OCC letter, the approval covers fiduciary and related trust company activities. The bank, a wholly owned subsidiary of WLTC Holdings LLC and based in Bay Harbor Islands, Florida, plans to issue and redeem the USD1 stablecoin for institutional clients nationwide, taking over that role from BitGo Bank & Trust, National Association. It will also provide digital asset custody services primarily to USD1 customers and other institutions, along with limited conversion services for custodied assets.
“The OCC hereby grants preliminary conditional approval of your charter application upon determining that your proposal meets certain regulatory and policy requirements,” the regulator stated in the letter. Final approval and authorization to commence business will not be granted until all preopening requirements are satisfied, and the OCC retains the ability to modify, suspend, or rescind the preliminary approval.
Key conditions include limiting operations to trust company activities so the entity does not meet the Bank Holding Company Act definition of a bank, maintaining a minimum of $20 million in tier 1 capital with at least half in eligible liquid assets for the first three years, holding 180 days of operating expenses in liquid assets, and obtaining OCC non-objection for senior officers and directors. The bank must also conform its stablecoin activities to the GENIUS Act and other applicable laws as determined by the OCC.
World Liberty Financial, which backs the effort and is partially owned by an entity affiliated with President Donald Trump and family members, launched USD1 as a fiat-backed stablecoin. The token currently carries a market capitalization of approximately $4 billion, placing it among the larger dollar-pegged stablecoins. In a statement, World Liberty Trust President and Chairman Zach Witkoff described the development as enabling the company to build the most trusted digital dollar under federal supervision.
The application was filed in January 2026. Career OCC staff reviewed it for consistency with legal and regulatory requirements, the letter noted, addressing public comments that raised concerns about ownership ties. Democratic lawmakers have criticized the process citing potential conflicts of interest and signaled plans for legislation restricting senior officials’ bank ownership.
Similar preliminary approvals have previously been granted to other crypto firms seeking national trust bank status. The conditional green light positions World Liberty to bring USD1 issuance, reserve management, and custody under a single federal regulator, subject to final clearance.
