World Liberty Financial Moves to Secure National Trust Bank Charter
- World Liberty Financial has filed an application with the Office of the Comptroller of the Currency (OCC) for a national trust bank charter through its new entity, WLTC Holdings LLC.
- The proposed charter aims to regulate the issuance, custody, and conversion of its USD1 stablecoin, which is pegged to the US dollar.
- Zach Witkoff will serve as president and chairman of the trust entity, emphasizing increasing institutional adoption for payments and treasury operations.
- The trust will operate under the GENIUS Act with advanced anti-money laundering measures.
- Plans include expanding beyond payments to link stablecoin infrastructure with tokenized real-life assets in sectors like oil and gas.
This move by World Liberty Financial reflects a broader trend among cryptocurrency companies seeking federal trust charters, following conditional approvals granted to firms like Circle and Ripple last December.
The establishment of a national trust bank could enhance the regulatory framework for USD1’s issuance and custody as it gains traction in institutional markets for cross-border payments and treasury functions. (Source)
