OCC approves World Liberty Financial national bank charter for USD1

Key Points:

• The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval for World Liberty Trust Company, a national trust bank linked to World Liberty Financial, partially owned by President Donald Trump's family, to operate in Florida and focus on issuing and managing the USD1 stablecoin.
• World Liberty Trust plans to issue and redeem the USD1 stablecoin, maintain reserves backing it, and provide digital asset custody and related services to institutional clients, aiming to become the most trusted digital dollar provider globally.
• The OCC addressed and rejected objections related to potential Trump family conflicts, foreign investment, stablecoin regulation, FDIC insurance, and regulatory favoritism, stating the application was reviewed under established procedures.
• The bank must meet additional requirements before commencing operations and receiving final OCC approval, with the OCC emphasizing the importance of new banks in fostering innovation, competition, and a diverse financial system.