World Liberty Financial receives regulatory approval to issue dollar-backed stablecoins and custody digital assets amid political scrutiny.
The US Office of the Comptroller of the Currency (OCC) granted conditional approval for World Liberty Financial to operate as a national trust bank. The firm, linked to former President Donald Trump and his family, plans to issue US dollar-backed stablecoins and custody digital assets tied to its USD1 token.
Approval comes despite opposition from ten Democratic lawmakers, who introduced legislation to block banking charters for politically connected applicants. The OCC stated its decision adhered to statutory and ethical obligations, though concerns persist over potential conflicts of interest given Trump family involvement and the OCC head’s prior nomination by Trump.
World Liberty Financial’s website indicates a Trump family entity holds 38% of the company’s equity. The conditional approval requires compliance with unspecified regulatory and policy requirements before full operation.