Its subsidiary, WLTC Holdings, has submitted a ‘de novo’ application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank dedicated to stablecoin management. If granted, this charter would authorise the bank to issue and custody USD1, a dollar-backed stablecoin introduced last year that currently boasts a circulation exceeding $3.3 billion (c. £2.5bn), Finextra reports.

The proposed trust company intends to focus exclusively on institutional clients, such as cryptocurrency exchanges, market makers, and investment firms. According to the company’s statement, WLTC aims to provide digital asset custody and stablecoin conversion services, facilitating the transition from other digital assets into USD1. Zach Witkoff, the proposed president and chairman of World Liberty Trust Company, noted that institutions are already utilising USD1 for cross-border payments and treasury operations. He emphasised that a national trust charter would enable the firm to consolidate issuance, custody, and conversion into a single, highly regulated offering.

This strategic move follows a recent trend of regulatory approvals, with the OCC conditionally granting charters to five crypto organisations, including Ripple, late last year. World Liberty Financial was originally launched by President Trump’s three sons in 2024, with the President himself designated as “co-founder emeritus”. Financial disclosures indicate that President Trump reported a personal income of $57.3 million (c. £43m) from the venture in 2024.