A crypto venture linked to members of the U.S. President’s family has filed a de novo application with the Office of the Comptroller of the Currency to establish a national trust bank charter dedicated to stablecoin activities. World Liberty Financial’s WLTC Holdings would oversee the issuance and safeguarding of USD1, a dollar-referenced stablecoin launched last year and fully backed by US dollars held at regulated depository institutions, with funds invested in short-term US Treasuries. USD1 operates on ten networks, including Ethereum, Solana, BNB Smart Chain, TRON, Aptos and AB Core. Anchorage Digital remains the only digital asset platform to hold a national trust bank charter from the OCC.
USD1 has surpassed $3.3 billion in circulation during its first year, and the proposed charter would centralize issuance, redemption, and custody for USD1 and other digital assets. Zach Witkoff, the proposed president and chairman of World Liberty Trust Company, said: “USD1 grew faster in its first year than any other stablecoin in history.” “Institutions are already using USD1 for cross-border payments, settlement, and treasury operations, and a national trust charter would enable a full-stack offering under a highly regulated entity.” The company plans to offer conversions between USD and USD1 without fees at launch.
World Liberty said the trust bank’s structure is being designed to comply with the recently enacted GENIUS Act, which created a federal framework for stablecoin oversight. Mack McCain, the proposed trust officer of World Liberty Trust Company, said: “WLTC will operate under that same framework, with segregated customer assets, independent reserve management, and regular examination.” That gives banks, asset managers, and corporations the regulatory clarity they need to further expand their use of USD1.
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