World Liberty Financial, a crypto venture supported by President Donald Trump’s family, recently announced that its subsidiary has submitted an application with U.S. banking regulators to set up a national trust bank specializing in stablecoin operations.
The application was submitted to the Office of the Comptroller of the Currency (OCC) and seeks to establish World Liberty Trust Company, National Association (WLTC), a proposed national trust bank purpose-built for stablecoin operations.
Several leading cryptocurrency firms have recently received preliminary approval from U.S. banking regulators to establish national trust banks, representing a notable move toward bringing digital assets further into the regulated financial system.
WLTC Holdings LLC to issue USD1
The charter will position WLTC Holdings LLC to issue USD1, a dollar-backed stablecoin that World Liberty launched last year. USD1 has reached over $3.3 billion in circulation in its first year.
The trust company plans to serve institutional customers, including cryptocurrency exchanges, market makers and investment firms. WLTC will also offer digital asset custody and stablecoin conversion services, enabling holders of other stablecoins to move into USD1.
“This application marks a further evolution of the World Liberty Financial ecosystem. USD1 grew faster in its first year than any other stablecoin in history,” said Zach Witkoff, the proposed President and Chairman of World Liberty Trust Company.
“Institutions are already using USD1 for cross-border payments, settlement and treasury operations. A national trust charter will allow us to bring issuance, custody and conversion together as a full-stack offering under one highly regulated entity,” he added.
Read: Morgan Stanley files for Bitcoin and Solana ETFs in strategic crypto push
WLTC to offer three core services
WLTC plans to offer three core services under federal supervision:
- Stablecoin issuance and redemption: Minting and redeeming USD1 with no fees at launch.
- On-ramp and off-ramp services: Converting between U.S. dollars and USD1 with no fees at launch.
- Custody and conversion: Secure custody for USD1 and other accepted stablecoins, with conversion services at prevailing market rates.
The trust bank will be structured to comply with the GENIUS Act. All operations will follow rigorous AML and sanctions screening, as well as be subject to state-of-the-art cybersecurity protocols. Mack McCain, general counsel of World Liberty Financial, will serve as trust officer for WLTC, overseeing fiduciary operations.
“The OCC has supervised trust activities for over a century. WLTC will operate under that same framework, with segregated customer assets, independent reserve management and regular examination. That gives banks, asset managers and corporations the regulatory clarity they need to further expand their use of USD1,” said Mack McCain, the proposed trust officer of World Liberty Trust Company.
USD1 is fully-backed by U.S. dollars held at regulated depository institutions and funds holding short-duration U.S. Treasury obligations. The stablecoin operates across ten blockchain networks, including Ethereum, Solana, BNB Smart Chain, TRON, Aptos and AB Core, supporting near-instant cross-border payments, tokenized settlement and programmable payouts for enterprise customers.
