OCC Issues Conditional Preliminary Approval for World Liberty Trust's National Trust Bank Charter

The Office of the Comptroller of the Currency (OCC) has granted World Liberty Trust Company conditional preliminary approval for a national trust bank charter, a move that would allow the firm to issue and custody a dollar-backed stablecoin under a federal regulatory framework. The decision, dated August 15, covers World Liberty Trust's planned USD1 stablecoin and authorizes three primary lines of business: direct issuance of USD1, custody of digital assets, and payment settlement and related asset services for institutional clients such as exchanges and investment firms. The charter does not permit traditional bank functions, including taking deposits or making loans. World Liberty Trust is linked to former President Donald Trump's World Liberty Financial venture. The company was formed with involvement from Trump's sons, who are listed as cofounders of the broader World Liberty Financial operation. World Liberty Trust submitted its charter application to the OCC between January 5 and 7, 2026. Roughly seven months later, OCC Comptroller Jonathan Gould signed the conditional preliminary approval. Gould is a Trump appointee. Senator Elizabeth Warren has raised concerns about the arrangement, pointing to the optics of a regulator appointed by a former president approving a charter for a company cofounded by that former president's family. The OCC's action follows a recent pattern of extending similar conditional approvals to major crypto firms. In late 2025, the agency issued conditional approvals to Ripple, Circle, and Paxos, signaling a more open stance toward integrating crypto-native companies into the national banking framework. The "conditional" and "preliminary" terms mean the approval is not final. World Liberty Trust must still satisfy outstanding requirements before it can operate fully under the charter. Even if finalized, the license keeps the firm focused on stablecoin issuance and custody rather than full-service banking. The rapid pace of four conditional approvals in under a year underscores a broader policy shift in Washington's approach to digital-asset businesses. Under Gould, the OCC has emerged as one of the most receptive federal banking regulators for crypto firms, with shorter review timelines and a more permissive approach to trust bank licensing. National trust charters offer a centralized federal framework for custody, asset services, and stablecoin operations, allowing firms to avoid navigating inconsistent state-by-state rules.