The U.S. Office of the Comptroller of the Currency conditionally approved a national trust bank charter for World Liberty Trust Company, a firm linked to President Donald Trump and his family, according to a regulatory letter published on its website. Reported by Reuters on August 14, 2026, the preliminary decision greenlights an expansion of the enterprise’s stablecoin operations, allowing the newly created trust bank to issue its USD1 stablecoin directly and manage the underlying U.S. dollar reserves under federal oversight.
World Liberty Trust Company applied for the national trust charter in January. While the preliminary approval does not permit standard deposit-taking or commercial lending associated with traditional banks, it grants the enterprise authority to hold customer assets, settle payments rapidly, and custody reserves nationwide under a single federal regulator. Previously, the USD1 stablecoin and its reserve backing were handled by a business partner, BitGo.
Industry participants have pursued national trust charters to capitalize on the current regulatory environment. Other digital asset firms, including Ripple and Circle, have secured preliminary approvals for similar charters under Comptroller Jonathan Gould, who was appointed by President Trump last year, as noted by Reuters.
Leadership Structure and Conditions of Approval
World Liberty Trust’s corporate leadership includes associates and family members of the president. Zach Witkoff, the son of U.S. special diplomatic envoy Steve Witkoff, serves as the president and chairman of World Liberty Trust and CEO of World Liberty Financial. Steve Witkoff’s brother, Robert Witkoff, a former insurance company executive, will be a director, reinforcing ties between the crypto venture and presidential allies who co-founded the entity in late 2024.
The OCC’s conditional approval is contingent upon regulatory compliance requirements. According to Reuters, the firm must maintain at least $20 million in capital, notify regulators regarding any major business plan changes, and hire a qualified employee to serve as the firm’s internal audit manager.
In a public statement, Zach Witkoff called the preliminary clearance a “milestone”. “A national trust bank brings USD1 issuance, custody, and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations. We welcome continuous scrutiny from Federal regulators for many years to come,” he stated.
Investor Scrutiny and Passivity Agreements
Federal regulators addressed questions surrounding international investors during the application review process. The OCC disclosed that it received comments raising concerns about non-U.S. investors in World Liberty Financial. Agency officials stated that these foreign participants were not considered principal shareholders in the bank.
To address potential influence, the OCC obtained signed “passivity agreements” from several bank investors, including those outside the United States. Signatories vowed not to seek to control or influence the bank’s operations or decisions. Eric Trump, the president’s son, signed one such agreement as president of a Trump family-affiliated investment vehicle, as reported by Reuters.
Democratic lawmakers have said the license is a conflict of interest for a Trump-appointed regulator. In February, two Democratic members of the U.S. Senate Banking Committee asked the Treasury secretary to examine potential national security implications of a reported $500 million stake in World Liberty Financial in a deal linked with the national security adviser of the United Arab Emirates.
Next Steps for World Liberty Trust Company
The preliminary greenlight remains subject to final administrative review before the trust bank can formally open for operational business. Regulatory examiners will continue monitoring the firm’s compliance with capital thresholds and governance mandates as World Liberty Trust transitions toward full charter status.
