The Office of the Comptroller of the Currency has granted preliminary approval for World Liberty Trust Company to establish a national trust bank. The Florida-based entity intends to manage USD1 stablecoin reserves and provide digital asset custody, though it must meet significant preopening capital and regulatory requirements before launching operations.
The proposed bank, a subsidiary of Delaware-registered WLTC Holdings LLC, will operate out of Bay Harbor Islands. Under the current plan, the institution would replace BitGo as the primary issuer and custodian of the USD1 stablecoin. While the OCC has cleared the path for organization, the charter remains conditional. The company must maintain at least $20 million in capital, secure membership in a Federal Reserve Bank, and receive final authorization from federal examiners.
Unlike traditional commercial banks, the trust will not offer retail deposits or standard lending. Instead, it will focus exclusively on reserve management, payment services, and custody. The OCC confirmed that it granted an exemption from certain Regulation W restrictions to facilitate the transfer of reserve assets from BitGo, though the agency retains the right to modify or withdraw its approval should new risks emerge.
Political scrutiny persists due to the involvement of the Trump family, who maintain significant equity interests in the firm. Senator Elizabeth Warren and nine colleagues recently introduced the Ending Presidential Corruption in Banking Act, which seeks to bar presidents and their immediate family members from owning or controlling banks. Furthermore, lawmakers continue to demand transparency regarding a $500 million investment from a UAE-linked entity. In its decision, the OCC stated that career staff handled the review through nonpartisan channels and that foreign investors have signed commitments to prevent them from influencing bank management or board composition.
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