Trump-Linked Crypto Firm Applies for Federal Trust Bank Charter

World Liberty Financial, a cryptocurrency company backed by the family of President Donald Trump, announced Wednesday that it has applied for a national trust bank charter with U.S. banking regulators, marking another step by the crypto industry to integrate with the federal financial system.

The company said its subsidiary, WLTC Holdings, filed a de novo application with the Office of the Comptroller of the Currency to establish a national trust bank focused on issuing, redeeming, and safeguarding digital assets. If approved, the charter would allow World Liberty Financial to directly issue and manage USD1, its dollar-backed stablecoin, and provide custodial services to institutional and retail clients.

“This application marks a further evolution of the World Liberty Financial ecosystem,” said Zach Witkoff, co-founder of World Liberty Financial and proposed president and chair of the trust bank. Witkoff is the son of Steve Witkoff, the U.S. special envoy to the Middle East.

World Liberty Financial launched USD1 last year, positioning it as a fully backed, dollar-pegged stablecoin designed for payments, settlement, and on-chain financial services. The company said USD1 has surpassed $3.3 billion in circulation within its first year, making it one of the fastest-growing stablecoins to date.

If granted, the national trust charter would allow World Liberty Financial to offer stablecoin issuance and redemption directly under federal oversight, as well as custody services for digital assets. The company also said it plans to enable fee-free conversion between U.S. dollars and USD1 at launch.

National trust bank charters differ from full-service bank charters, allowing firms to provide fiduciary and custodial services without engaging in traditional consumer lending. The OCC currently supervises approximately 60 national trust banks. To date, Anchorage Digital is the only crypto-native firm operating under such a charter, though several others have received conditional approvals in recent months.

The application comes amid growing regulatory clarity for stablecoins following the passage of the GENIUS Act, which established a federal framework governing dollar-backed digital tokens. World Liberty Financial said its proposed trust bank would be structured to comply with the new law.

The move also places the company alongside a growing number of digital asset firms seeking access to regulated banking infrastructure, including potential future access to limited Federal Reserve payment services. Traditional banks have expressed concern that expanding such access to crypto firms could pose risks to financial stability.

World Liberty Financial was founded in September 2024 by President Trump’s sons, including Donald Trump Jr., Eric Trump, and Barron Trump, with Trump listed as co-founder emeritus. The company has faced scrutiny from lawmakers and ethics groups over potential conflicts of interest between the Trump administration’s pro-crypto policies and the family’s business ventures.