The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval to World Liberty Trust Company, National Association on August 14, 2026. The newly formed entity operates as a federally chartered national trust bank tasked with issuing and redeeming the USD1 stablecoin, a token currently boasting a circulating supply of over $4 billion.
The regulatory green light comes after a 221-day review period following the initial filing in January 2026.
Cross-Border Ownership Structure
Equity in the Bay Harbor Islands, Florida-based bank is split among three primary camps. A 49% stake is controlled by StringZ Holding RSC, an entity backed by Sheikh Tahnoon bin Zayed al Nahyan - United Arab Emirates (UAE) national security adviser and brother of the UAE president. The Trump family and affiliated entities hold a 38% stake, while the remaining ownership is held by Zak Folkman and Chase Herro, co-founders of the World Liberty Financial project.
Sheikh Tahnoon’s group previously injected $500 million in initial capital in January 2025, just four days before Trump’s presidential inauguration. Of that total capital flow, $263 million went directly into entities owned by the president’s family.
Sheikh Tahnoon also controls G42, an Abu Dhabi-based artificial intelligence firm that was a prime beneficiary of the Trump administration’s decision to ease technology export controls to the UAE.
The roles of president and board chairman are held by Zach Witkoff - son of Trump administration special envoy Steve Witkoff. The institution was also co-founded by Trump’s three sons: Eric, Donald Jr., and Barron.
What Are the Conditions and Restrictions?
Under regulatory operating rules, the bank is prohibited from taking retail customer deposits, cannot offer conventional loans, and is excluded from Federal Reserve master accounts. The institution also lacks FDIC insurance coverage and is barred from issuing or managing WLFI governance tokens.
OCC pre-opening conditions require the bank to maintain at least $20 million in minimum capital. Management must appoint an internal auditor, comply with the GENIUS Act, and obtain separate regulatory approval specifically for its Chief Financial Officer (CFO) candidate. The final operating charter will only be issued once all of these obligations are fulfilled.
The USD1 stablecoin, the core focus of the institution’s business, was quietly launched in March 2025 on Ethereum and Binance Smart Chain, recording over $140 million in trading volume within its first 24 hours.
Trump’s 927-page 2025 financial disclosure reported more than $1.4 billion in revenue specifically from crypto streams. That figure made digital assets the single largest revenue source out of the $2.2 billion in total earnings recorded for the same accounting year.
Once all conditional requirements are satisfied, the bank’s full operations will set up a new test - measuring the position of federal regulators in overseeing the financial industry when the head of state is a major shareholder.
Source: crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
