Trump-linked World Liberty receives provisional banking licence

World Liberty Trust Co., the company affiliated with the Trump family’s crypto venture, has received a provisional banking licence from the US regulator OCC. The company wants to use this to become the exclusive issuer and custodian of the USD1 stablecoin for institutional clients. Final approval is still subject to additional conditions.

In short:

• The OCC grants World Liberty Trust Co. a provisional licence as a national trust bank.
• The company takes over BitGo’s role as exclusive issuer and custodian of the USD1 stablecoin.
• World Liberty Trust does not seek federally insured deposit status or access to a Federal Reserve account.

OCC provisionally approves the application

The Office of the Comptroller of the Currency, the US federal banking regulator, grants World Liberty Trust Co. a provisional and conditional licence to operate as a national trust bank. This is evident from a letter the regulator published on its website.

According to the OCC, the approval is based on a comprehensive review of all available information, including the statements and commitments in the application and by representatives of the company. With the licence, World Liberty Trust may carry out fiduciary and other trust-related activities as a national trust bank.

BitGo replaced as custodian of USD1

World Liberty Trust wants to take over BitGo’s position as exclusive issuer and custodian of the USD1 stablecoin, the dollar-pegged stablecoin of World Liberty Financial. This service is specifically aimed at institutional clients in the United States.

In addition to USD1, the company also wants to offer broader digital asset custody services to institutional clients. Notably, World Liberty Trust does not plan to become a federally insured depository institution or a bank under the Bank Holding Company Act. The company also does not intend to apply for access to a Federal Reserve account. Final approval is only possible after all outstanding conditions have been met. Earlier, we already reported that Israel’s largest bank will offer Bitcoin and crypto from 2027, showing that traditional financial institutions worldwide are moving ever further into the crypto world.