Summary
The OCC conditionally approved World Liberty Trust Company's national trust bank charter after a 221-day review, allowing the Trump-family-linked venture to bring USD1 stablecoin issuance and custody in-house from BitGo. USD1 has reached over $4 billion in circulation. The charter carries conditions including $20 million minimum Tier 1 capital and three passivity commitments. The decision drew sharp criticism from Sen. Warren and consumer groups over conflicts of interest, marking the first time a sitting president's family company has been granted bank status.
Key Points
- OCC conditional approval for World Liberty Trust Company national trust bank charter
- Review took 221 days (vs 120 days advertised by Comptroller Jonathan Gould)
- World Liberty Trust to take over issuance/custody of USD1 from BitGo Bank and Trust
- USD1 (dollar-backed stablecoin) reached over $4 billion in circulation
- Charter does not extend to depository services; will not issue/custody World Liberty tokens
- World Liberty Financial: 38% owned by entity affiliated with Trump and family members
- Conditions: minimum $20M Tier 1 capital, at least 50% in eligible liquid assets
- Three passivity commitments: Eric Trump/DT Marks, Hamad Alshamsi/StringZ, Zachary Folkman/AMGUS
- Five-member board: Zach Witkoff (chairman), Scott Alper, Robert Witkoff, Jeffrey Weiner, Erin Baskett
- Sen. Warren: "most brazen act of self-dealing our financial system has ever seen"; introducing bill
- Americans for Financial Reform Education Fund opposed, citing fiduciary concerns and Trump family enrichment
- OCC: "Comptroller and staff acted consistently with their statutory duties and ethical obligations"
- Trump earned over $1.4 billion from crypto ventures in 2025 (financial disclosures)
- White House: assets in a trust managed by his children; "no conflicts of interest"