U.S. Regulation

Trump-Linked World Liberty Financial Seeks License to Launch Trust Bank

World Liberty Financial, a crypto venture backed by the family of President Donald Trump, said on Wednesday that its subsidiary has filed an application with U.S. banking regulators to establish a national trust bank focused on stablecoin operations.
Several major cryptocy firms recently secured preliminary approval from federal banking authorities to establish national trust banks, marking a significant step in integrating digital assets into the regulated banking system. WLTC Holdings filed a “de novo” application to the Office of the Comptroller of the Currency for a bank charter that would issue and custody USD1, a dollar-backed stablecoin that World Liberty launched last year.
Crypto platform Anchorage Digital is currently the only digital asset company with a national trust bank charter. The OCC supervises a total of about 60 national trust banks. World Liberty Financial said that USD1 has reached over $3.3 billion in circulation in its first year. The proposed trust bank would offer stablecoin issuance and redemption, and custody services for digital assets.
The company said it plans to allow conversion services between U.S. dollars and USD1 without fees at launch. World Liberty said the trust bank would be structured to comply with the recently passed GENIUS Act, which established a federal regulatory framework for stablecoins.
Terron Gold

Share
Published by
Terron Gold
Tags: crypto bankNational Bank CharterPresident TrumpWLFIWorld Liberty Financial
4 months ago

Recent Posts

Candy Digital Announces Migration to Solana as NFT Platform Repositions for Long Term Growth

NFT platform Candy Digital has announced plans to migrate its digital collectibles ecosystem to the Solana blockchain, signaling…

9 hours ago

US Military Runs Bitcoin Node for National Security Testing, Admiral Tells Congress

The U.S. military has confirmed it is actively running a Bitcoin node as part of national security research, while…

9 hours ago

Over 90% of Web3 Games Failed After $15 Billion Boom as Players Never Showed Up

The Web3 gaming sector is facing a harsh reality check as new data reveals that more…

10 hours ago

Justin Sun Sues Trump Linked World Liberty Financial Over Frozen Crypto Assets

Justin Sun, founder of TRON, has filed a federal lawsuit against World Liberty Financial, a crypto venture…

12 hours ago

Tether Freezes $344 Million in USDT on Tron After Wallets Flagged by U.S. Authorities

Tether has frozen approximately $344 million in USDT on the Tron blockchain after the wallets were flagged by U.S. authorities, marking…

13 hours ago

Kalshi Fines and Suspends Three Congressional Candidates for Betting on Their Own Elections

Prediction market platform Kalshi has fined and suspended three U.S. congressional candidates after determining they engaged in “political…

14 hours ago