A cryptocurrency venture backed by former President Donald Trump, World Liberty Financial (WLF), has submitted an application for a national bank trust charter to the Office of the Comptroller of the Currency (OCC). This move aims to enhance its integration within the traditional financial system, marking a significant step forward for the Trump family’s expanding crypto initiatives.
Co-founded by Trump and established in late 2024 alongside his sons and Steve Witkoff’s sons, WLF seeks to streamline operations by consolidating issuance, custody, and conversion of digital assets under one regulated entity. Zach Witkoff, a co-founder, expressed that obtaining the national trust charter would facilitate the issuance and custody of the USD1 stablecoin, designed to maintain parity with the US dollar. Notably, national trust banks do not have the authority to provide loans or accept direct deposits, which suggests a focus on stablecoin management and regulatory compliance.
The OCC’s review comes on the heels of similar approvals for other crypto entities, including Ripple and BitGo, highlighting a trend of increasing regulatory recognition in the cryptocurrency space. By securing a single federal regulator, WLF intends to simplify its operations and ensure compliance with the recent Genius Act, aimed at tightening regulations around stablecoins.
WLF operates two tokens, WLFI and USD1, which collectively boast a market value of approximately $3.3 billion. This venture is part of a broader push by Trump and his family to capitalize on the growing digital asset market, which has included launching various tokens and digital trading platforms. Trump recently declared a personal income of $57.3 million from WLF in his latest financial disclosure.
Mack McCain, WLF’s general counsel and designated “trust officer,” emphasized the OCC’s long-standing supervisory role in trust activities, committing to standards such as segregated customer assets and independent reserve management.
In addition, the Trump family is linked to another U.S.-listed crypto venture, Alt5 Sigma, which recently made headlines by terminating its auditor following inquiries about the firm’s licensing status. Alt5 Sigma has also entered into an agreement to acquire tokens issued by WLF, with Eric Trump serving as a board observer.
As the crypto landscape continues to evolve, the implications of WLF’s banking application could signal a new era of regulatory engagement for digital currencies and reflect the Trump family’s ongoing influence in the sector.
