Summary
- The U.S. Office of the Comptroller of the Currency has granted World Liberty Trust Company a federal charter, clearing the way for it to take over issuance of World Liberty Financials USD1 stablecoin.
- Lawmakers had expressed concerns with World Libertys application due to its ties to President Donald Trump.
A federal bank regulator has granted World Liberty Trust Co. a conditional bank charter, it announced Friday.
The Office of the Comptroller of the Currency, the U.S. banking agency that grants federal charters, said in a letter posted to its website that World Liberty could operate fiduciary and other trust company-related activities as a national trust bank.
“This preliminary conditional approval is granted based on a thorough evaluation of all information available to the OCC, including the representations and commitments made in the application and by the Banks representatives,” the letter said.
Final approval wont be granted until the company meets additional “preopening requirements,” the letter said.
According to the letter, World Liberty Trust Company will focus on services tied to World Liberty Financials USD1 stablecoin.
“The bank plans to issue USD1, a fiat currency-backed stablecoin, to institutional clients on a nationwide basis, assuming this role from BitGo Bank & Trust, National Association (BitGo), the current exclusive issuer and custodian for USD1,” the letter said. “The bank plans to provide its digital asset custody services as a fiduciary, primarily to USD1 customers and other institutional clients.”