OCC Weighs Giving Senators Access to Trump Family DeFi Firm’s Bank Charter Application
World Liberty Trust Company, a unit of Trump family co-founded World Liberty Financial, applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter on Jan. 7, 2026. The charter would allow it to custody digital assets and convert stablecoins, but not accept deposits or make loans. Concerns about potential conflicts of interest arose after a United Arab Emirates-linked entity acquired a 49% stake in the parent company for $500 million.
On Feb. 26, 2026, Comptroller of the Currency Jonathan Gould told the Senate Banking Committee that he was considering allowing Chairman Tim Scott and ranking Democrat Elizabeth Warren to review the unredacted application confidentially. The review would determine whether all shareholders owning more than 10% had been fully disclosed. Gould said on June 4 that political pressure had come only from Democrats. Reports on June 16 again said a decision on the charter was imminent.
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The history behind this eventOCC Grants World Liberty Conditional National Trust Bank Charter
World Liberty Financial, a crypto venture launched in 2024 and backed by President Donald Trump’s family, introduced the dollar-pegged USD1 stablecoin in 2025. A national trust bank charter would bring its stablecoin issuance, redemption, reserve custody and digital-asset fiduciary services under federal supervision. Unlike a conventional commercial bank, however, the proposed institution would not take ordinary deposits or offer checking accounts, and its products would not carry Federal Deposit Insurance Corp. coverage.
The Office of the Comptroller of the Currency granted preliminary conditional approval on Aug. 14, 2026, for World Liberty Trust Company, N.A. to become a federally chartered trust bank. The company must still meet the OCC’s capital, governance and risk-management conditions before opening. Once operational, the bank plans to assume USD1 issuance and reserve custody functions currently handled by BitGo. World Liberty said USD1 had more than $3.3 billion in circulation when it filed its charter application in January 2026.
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