The Office of the Comptroller of the Currency granted conditional approval on August 14 for World Liberty Trust Co., a limited-purpose national trust bank tied to the Trump family's crypto venture World Liberty Financial. The charter lets the entity handle issuance, custody, and redemption of the USD1 stablecoin, while Sen. Elizabeth Warren has raised conflict-of-interest concerns over a sitting president's family running a federally regulated entity overseen by an agency whose leadership serves at the pleasure of the president.
The Office of the Comptroller of the Currency granted conditional approval on August 14 for World Liberty Trust Co., a limited-purpose national trust bank tied to World Liberty Financial, the crypto venture backed by Donald Trump Jr. and Eric Trump. The charter lets the entity handle issuance, custody, and redemption services for its USD1 digital asset, a dollar-backed token WLF has built since launching in 2024.
A narrow, limited-purpose charter
World Liberty Trust Co. operates under a limited-purpose charter, so it cannot make loans or accept federally insured deposits. Instead, the charter carves out a narrow lane: the trust company can perform activities tied to its stablecoin infrastructure, serving as regulated plumbing for USD1.
Part of a broader charter wave
WLF filed its de novo application with the OCC in January 2026. In February, the OCC issued a final rule clarifying the scope of activities for trust banks. That rule, which took effect on April 1, confirmed trust banks could perform both fiduciary and non-fiduciary activities, meaning a trust charter could support operational functions like stablecoin mechanics. Multiple crypto firms have received conditional approvals for bank charters under this administration, making World Liberty Trust Co. part of a broader trend.
Warren flags a conflict of interest
Sen. Elizabeth Warren has flagged a conflict of interest: a sitting president's family operating a federally regulated financial entity while the administration simultaneously loosens the rules governing such entities. DT Marks DEFI LLC, an entity closely linked to the Trump family, controls 38% of World Liberty Financial — a controlling stake in a company that now holds a federal bank charter, approved by an agency whose leadership serves at the pleasure of the president.
What the charter unlocks for USD1
A trust charter gives World Liberty Trust Co. the ability to operate across state lines without separate money transmitter licenses in each state, a compliance burden that has plagued smaller stablecoin issuers. It also signals to institutional partners that USD1 operates within a recognized federal framework.
Source: Crypto Briefing
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