OCC Gives Conditional Preliminary Nod to Trump-Backed World Liberty Trust Bank Bid

The U.S. Office of the Comptroller of the Currency (OCC) on Aug. 15 (UTC+8) issued preliminary conditional approval for World Liberty Trust Company, National Association, moving Trump-backed World Liberty Financial a step closer to securing a national trust bank charter, according to ME News. In its letter, the OCC said the application meets certain regulatory and policy requirements that support preliminary conditional approval. The agency emphasized the decision is not final and said it retains the right to withdraw the authorization. World Liberty Financial set up a new trust company earlier this year to pursue an OCC charter. The firm has said a national trust bank charter would allow it to provide stablecoin issuance and redemption, fiat on- and off-ramps, custody, and exchange services. WLF currently issues the stablecoin USD1, which has a market capitalization of about $4 billion, ranking as the fourth-largest stablecoin after Tether and USDC. On Friday, WLF CEO Zack Witkoff wrote on X that the company is targeting "the most trusted and widely used digital dollar globally," while reinforcing the dollar's role in the global economy. Zack Witkoff is the son of Steve Witkoff, Trump's special envoy to the Middle East. The OCC's preliminary approval could further strengthen WLF's foothold in U.S. stablecoin and digital-asset banking infrastructure. At the same time, the company's political ties may continue to draw regulatory and ethical scrutiny. (Source: ODAILY)