National Trust Charter Sought for Full-Scale USD1 Operations

The Trump family’s crypto platform, World Liberty Financial, has applied to operate as a national trust bank. This strategic step is designed to build out comprehensive services for its USD1 stablecoin.

WLTC Holdings, a subsidiary, filed the charter application with the Office of the Comptroller of the Currency. Gaining approval would internalize key functions currently handled by external providers.

Zach Witkoff, World Liberty’s CEO, pointed to institutional use in settlements and treasury operations. He stated the charter would enable a full-stack offering under one highly regulated umbrella.

Envisioned services include complimentary minting and redemption of USD1 and conversion to and from US dollars. The entity would also hold USD1 and other stablecoins in custody for clients.

This aligns with a broader regulatory shift, evidenced by the OCC’s conditional approvals for firms like Ripple and Paxos in December. The move suggests a path for crypto services to operate within established US financial frameworks.