A bid for a national trust banking charter is underway from World Liberty Financial, a crypto enterprise linked to the Trump family. Central to the application is expanding the utility of its USD1 stablecoin.
The platform’s subsidiary, WLTC Holdings, approached the OCC with the filing. Achieving charter status would let the firm directly issue and safeguard USD1, cutting out middlemen.
According to CEO Zach Witkoff, institutional adoption for cross-border payments is already progressing. He said the charter would allow them to offer a complete, regulated suite of services encompassing issuance, custody, and conversion.
The proposed bank would permit no-cost minting and burning of USD1 and easy exchange between the stablecoin and US dollars. Custody for a range of stablecoins would further be part of its capabilities.
The OCC set a precedent in December by conditionally approving charters for Fidelity Digital Assets and others. This demonstrates a willingness to formally bring crypto offerings into the fold of traditional finance.
