BAY HARBOR ISLANDS — World Liberty Trust Company plans to issue and redeem USD1, taking over that role from BitGo, the current exclusive issuer and custodian. The stablecoin has a market capitalization of roughly $4 billion. The proposed institution will provide digital-asset custody as a fiduciary and allow custody clients to convert approved stablecoins into USD1.

As a trust bank, World Liberty Trust Company will not take deposits, carry FDIC insurance, or seek a Federal Reserve master account. The entity committed to staying outside the definition of a "bank" under the Bank Holding Company Act. Zachary Witkoff is listed as organizer, director, and president of World Liberty Trust Company. He is the son of Steven Witkoff, President Trump's Middle East negotiator.

The approval carries a condition requiring a minimum capital requirement of $20 million. It also mandates compliance with the GENIUS Act. The approval requires World Liberty Trust to appoint a qualified internal audit manager.

It further requires the trust to notify the regulator of major changes to its business plan. World Liberty Trust Company has 18 months to open.

The Office of the Comptroller of the Currency dismissed conflict of interest concerns as outside the scope of its review, noting World Liberty Financial itself is not a party to the application. Senator Elizabeth Warren called the OCC's crypto charter approvals illegal, arguing the firms function as banks while sidestepping required safeguards. She described the OCC's decision as the "most brazen act of self-dealing our financial system has ever seen."

"We welcome continuous scrutiny from Federal regulators for many years to come," Witkoff said. The Office of the Comptroller of the Currency stated that staff reviewed the application in accordance with the agency’s established policies and procedures. World Liberty Financial applied for its charter in January 2026. World Liberty Trust Company, National Association is proposed to be based in Bay Harbor Islands, Florida.

Why It Matters

The approval establishes a regulatory precedent for cryptocurrency firms seeking federal charters while maintaining ties to political leadership. The requirement to comply with the GENIUS Act introduces a legislative component to the operational framework. The decision affects the custody and issuance infrastructure for USD1, a stablecoin with a large market presence.

The arrangement bypasses standard banking safeguards, according to critics, while supporters maintain that the trust structure isolates the president from direct financial control. The involvement of foreign investment from Abu Dhabi and the familial connections of the leadership team have drawn attention regarding potential conflicts of interest. The Office of the Comptroller of the Currency maintains that its review followed established procedures and excluded broader political considerations.

Timeline

State-backed Abu Dhabi investment firm MGX invested $2 billion in World Liberty Financial in May 2025. World Liberty Financial applied for its charter in January 2026. Management and Budget Office published proposed rule titled "Regulation for Federal Financial Assistance" on 2026-05-29.

The Office of the Comptroller of the Currency granted conditional preliminary approval for World Liberty Trust Company's application for a national trust bank charter on August 14, 2026. The Office of the Comptroller of the Currency stated that staff reviewed the application in accordance with the agency’s established policies and procedures on August 15, 2026. "We welcome continuous scrutiny from Federal regulators for many years to come," Zachary Witkoff said on August 15, 2026.

What's New

The Office of the Comptroller of the she stated that staff reviewed the application in accordance with the agency’s established policies and procedures. State-backed Abu Dhabi investment firm MGX invested $2 billion in World Liberty Financial in May 2025. World Liberty Financial is 38% owned by an entity affiliated with Donald J. Trump and certain of his family members. GENIUS Act was sponsored by Rep. Sanchez, Loretta [D-CA-47] and referred to the Subcommittee on Early Childhood, Elementary, and Secondary Education.

Senator Elizabeth Warren described the OCC's decision as the "most brazen act of self-dealing our financial system has ever seen." White House spokeswoman Anna Kelly stated that President Trump's assets are in a trust managed by his children and that no conflicts of interest exist. PureSource News previously reported on the release of Trump 2025 Financial Disclosure by the Office of Government Ethics. USD1 has a market capitalization of roughly $4 billion.

How Sources Differ

The World Liberty Financial website states that World Liberty Financial is 38% owned by an entity affiliated with Donald J. Trump and certain of his family members. The Office of the Comptroller of the Currency decision letter notes that the office received comments flagging potential conflicts of interest involving President Donald Trump, his family, the Witkoffs, and Emirati investors in World Liberty.