The Trump family's flagship crypto venture, World Liberty Financial, announced on Friday that its trust company has received conditional preliminary approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as a bank. Upon final approval, World Liberty Trust will function as a federally chartered national trust bank, enabling it to directly issue, redeem, and custody its U.S. dollar stablecoin, USD1, which was launched last year. The stablecoin currently holds a market cap of approximately $4 billion, with its reserves now managed by BitGo.
Details of the Approval and Trust Bank Positioning
The company stated that it must meet a series of conditions and pass the OCC's final review before commencing operations. Under the leadership of Jonathan Gould, the OCC has previously approved several trust banks focused on crypto businesses, granting them broader access to the traditional financial system. Unlike full-service banks, trust banks typically cannot accept deposits or issue loans.
World Liberty filed an application to establish a trust company in January, planning to offer crypto custody, stablecoin exchange services, and support for institutional clients, including crypto exchanges, market makers, and investment firms.
Business Progress and Family Revenue
Trump, along with his two sons, helped launch World Liberty in late 2024, initially positioning it as a decentralized finance (DeFi) project aimed at providing lending and trading services. While these core features are not yet live, the company has already begun offering lending services through a partnership with the Dolomite protocol.
The crypto business has generated significant revenue for the Trump family. In 2025, Trump earned over $500 million from the sale of World Liberty's token, WLFI, along with an additional $263 million from the sale of equity to investors led by Sheikh Tahnoon bin Zayed Al Nahyan, a member of the UAE royal family.
Trump has accumulated approximately $1.4 billion in total income from meme coins and crypto ventures. This has become a major obstacle to the "Clarity Act," a bill designed to establish a comprehensive regulatory framework for digital assets. The legislation has stalled due to disagreements over ethics provisions that would prohibit government officials from profiting from digital assets. It is scheduled for a procedural vote on September 15.
Controversy and Response
The plan has drawn criticism. Massachusetts Democratic Senator Elizabeth Warren issued a statement saying, "We have never seen a financial conflict of interest or corruption of this magnitude."
The White House has previously stated, "The President and his family never have, and never will, engage in any conflict of interest."
Zach Witkoff, CEO of World Liberty Financial and Chairman of World Liberty Trust Company (whose father, Steve Witkoff, is a friend of Trump and the Middle East envoy), said the company submitted "one of the most thoroughly reviewed applications in OCC history." "We answered every question from the regulators and accepted the significant obligations and ongoing oversight that come with a national charter. If we wanted less regulation, we would not have chosen federal oversight," he added.
Board Composition
World Liberty Trust will be managed by a five-person board, including: Zach Witkoff, his uncle Robert Witkoff (former co-chief investment officer at Chubb), Scott Alper (whose father is president and chief investment officer of real estate firm the Witkoff Group), Jeffrey Weiner (former chairman and CEO of accounting and advisory firm Marcum LLP), and Erin Baskett (a member of the board of the Financial Industry Regulatory Authority (FINRA) and founder of broker-dealer Sine Qua Non Capital).