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OCC grants conditional approval for Trump-backed World Liberty trust bank

The regulator’s preliminary conditional approval is a step toward a final OCC charter decision for the trust company, with the OCC able to rescind it.

Reported · Written up by our desk · Regulation

The Office of the Comptroller of the Currency granted conditional preliminary approval to World Liberty Trust Company, National Association, bringing the Trump-backed World Liberty Financial one step closer to a final approval for a bank charter, according to The Block.

The conditional approval would still require final sign-off from the OCC, and the regulator could rescind the preliminary approval.

World Liberty Financial created the new trust company earlier this year to pursue an OCC banking license it said would enable stablecoin issuance and redemption, on-ramp and off-ramp services, and custody and conversion.

The Block reported that World Liberty Financial’s USD1 stablecoin has a $4 billion market capitalization and ranks as the fourth-largest stablecoin after Tether and USDC, and that the firm plans to serve institutional customers including market makers, exchanges, and investment firms.

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