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Abu Dhabi backers reportedly buy 49% stake in World Liberty trust bank holding
The proposed US trust bank, subject to final approval, would issue and redeem and provide custody for World Liberty’s USD 1 stablecoin under federal supervision.
Cointelegraph reports that an Abu Dhabi royal and co-investors are backing a 49% stake in the holding company behind World Liberty Financial’s proposed US trust bank. The Wall Street Journal cited people familiar with the matter in saying Sheikh Tahnoon bin Zayed Al Nahyan’s group is behind StringZ Holding RSC, which owns 49% of WLTC Holdings, while an entity affiliated with Donald Trump’s family owns 38%.
If the bank receives final approval, it would bring the issuance, redemption, and custody of World Liberty’s USD 1 stablecoin into a federally supervised venture. The US Office of the Comptroller of the Currency granted World Liberty Trust Company preliminary conditional approval on Aug. 14, and the published decision confirms that StringZ is an investor in WLTC Holdings and that it signed commitments not to influence the bank.
The trust bank would not be able to begin operating until it satisfies the OCC’s pre-opening requirements and receives final approval. The article also notes that Sheikh Tahnoon previously backed a $500 million purchase of 49% of World Liberty Financial, and that Democratic senators later called for hearings into the transaction and potential influence on US policy toward the UAE.