World Liberty Financial, a cryptocurrency venture backed by the family of former U.S. President Donald Trump, announced that its subsidiary WLTC Holdings has filed an application with U.S. banking regulators to establish a national trust bank focused on stablecoin operations.

The move follows a trend among major cryptocurrency firms seeking regulatory approval to integrate digital assets into the traditional banking system, a step that could bring more legitimacy and oversight to stablecoins.

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Plans for USD1 Stablecoin Bank

WLTC Holdings submitted a “de novo” application to the Office of the Comptroller of the Currency (OCC) for a bank charter. The proposed bank would:

• Issue and custody USD1, a dollar-backed stablecoin launched by World Liberty last year.
• Offer stablecoin issuance, redemption, and custody services for digital assets.
• Enable conversion between U.S. dollars and USD1 without fees at launch.

USD1 has reportedly reached over $3.3 billion in circulation within its first year, highlighting growing adoption and demand.

Currently, Anchorage Digital is the only digital asset company operating under a national trust bank charter, while the OCC oversees approximately 60 national trust banks across the country.

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Regulatory Compliance

The proposed trust bank would be structured to comply with the recently passed GENIUS Act, which establishes a federal regulatory framework for stablecoins. This aligns World Liberty Financial with new federal guidelines aimed at ensuring digital assets operate within a secure and regulated environment.

No immediate comment was available from the OCC regarding the application.

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Key Takeaways

• World Liberty Financial aims to create a national trust bank for its stablecoin, USD1.
• The bank would offer issuance, redemption, custody, and fee-free conversion services.
• USD1 has reached $3.3 billion in circulation in its first year.
• The trust bank will comply with the GENIUS Act, the new U.S. federal stablecoin framework.
• This effort reflects the growing integration of digital assets into the regulated banking system.