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World Liberty Financial, a company co-founded by Donald Trump Jr., is looking to deepen its role in digital finance by seeking a U.S. national bank charter for a new trust subsidiary. The firm said its affiliate, World Liberty Trust, had filed an application with the Office of the Comptroller of the Currency on Wednesday.
If approved, the charter would allow the trust to issue and safeguard USD1, its dollar-backed stablecoin, under a federal banking framework. The application arrives as U.S. regulators review a growing list of crypto firms seeking trust bank status amid new stablecoin rules. Can a federally chartered trust reshape how institutions issue and hold stablecoins?
World Liberty Trust seeks authority to combine stablecoin issuance, custody, and conversion within one regulated entity. At present, BitGo provides custody services for USD 1.
The token also relies on U.S. dollar deposits at regulated institutions and assets invested in short-term U.S. government bonds.
USD1 has expanded rapidly since launch. The stablecoin recently passed $3 billion in market value, according to the company statement shared on X. World Liberty said the growth followed a $2 billion deal that used USD1 in a transaction involving Binance.
World Liberty Financial created USD1 last year after Donald Trump returned to the White House. The company said it designed the token for retail users while also attracting institutional adoption. Its leadership now aims to align that growth with federal oversight through a trust charter.
The OCC has already granted conditional approvals to several crypto firms seeking trust bank status. Those firms include Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. Other companies like Coinbase and Crypto.com have also submitted applications.
Trust banks operate with narrower authority than full-service banks. Even so, they can provide custody and asset servicing under federal supervision. Some lobbyists have warned that expanding trust charters could raise systemic concerns, weakening charter standards.
World Liberty said its trust would follow the GENIUS Act, the stablecoin law President Trump signed in July. The company emphasized it will meet anti-money laundering and sanctions requirements, planning to serve exchanges, market makers, and investment firms seeking bank-level crypto services.
World Liberty co-founder Zach Witkoff will serve as the proposed president and chairman of the trust. He pointed at USD1 growing faster in its first year than any other stablecoin. Institutions already use the token for cross-border payments, settlement, and treasury operations.
With the company facing scrutiny over potential conflicts tied to the president and his family,
Witkoff noted the trust structure limits such risks. He further added that President Trump and his family will hold non-voting stakes without managing daily operations.
World Liberty Financial launched in 2024, involving Witkoff and President Trump’s sons, Eric, Barron, and Donald Jr. Meanwhile, USD1 continues to expand its market reach; the token trades on South Korean exchanges UPbit and Bithumb, as well as on U.S. platforms like Binance, Coinbase, Kraken, and Gemini.
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World Liberty Financial has applied for a U.S. national bank charter to bring USD1 stablecoin issuance and custody under one regulated trust. This move follows rapid market growth and rising institutional use. Approval would place USD1 within the expanding federal framework for stablecoins and trust banks.
