World Liberty Trust Co. received OCC approval to issue and custody the Trump family's USD1 stablecoin. Sen. Elizabeth Warren flagged a conflict of interest, citing the president's family running a federal regulated entity.
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World Liberty Trust Co. received conditional approval from the Office of the Comptroller of the Currency on August 14 to operate as a limited-purpose national trust bank tied to World Liberty Financial, the crypto venture backed by Donald Trump Jr. and Eric Trump. The charter allows the entity to handle issuance and custody of its USD1 stablecoin, a dollar-backed digital token, along with redemption services.
World Liberty Trust Co. cannot make loans or accept federally insured deposits under the limited-purpose charter. Instead, the charter carves out a narrow lane for stablecoin infrastructure: the trust company can perform activities related to its USD1 token, essentially serving as regulated plumbing for the stablecoin.
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, effective April 1, confirmed that 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. 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 that govern such entities. DT Marks DEFI LLC, an entity closely linked to the Trump family, controls 38% of World Liberty Financial, according to a regulatory filing, 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.
The trust charter gives World Liberty Trust Co. the ability to operate across state lines without needing separate money transmitter licenses in each state, a compliance burden that has plagued smaller stablecoin issuers. The move comes as part of broader efforts to standardize stablecoin compliance, such as Mastercard's recent test of single-audit compliance.
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