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World Liberty gets OCC nod for bank charter, stablecoin issuance
The OCC conditionally approved World Liberty Trust Company's national trust bank charter. The Trump family-backed crypto firm can now issue stablecoins in-house, cutting out BitGo.
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The Office of the Comptroller of the Currency gave conditional approval Friday to World Liberty Trust Company's application for a national trust bank charter, according to a letter posted on the OCC's website. The trust company is sponsored by World Liberty Financial, a crypto firm that says it is 38% owned by "an entity affiliated with Donald J. Trump and certain of his family members."
The charter lets World Liberty issue stablecoins directly, cutting out the third-party provider BitGo it currently relies on. Stablecoins are backed by safe assets like Treasury bonds and convert one-to-one into dollars. Bringing that issuance in-house could open a lucrative revenue stream.
The approval is conditional. The company still needs to raise capital and complete additional steps before the charter is final.