Trump-Linked World Liberty Receives Conditional Bank Charter from OCC: USD1 Issuer May Change

Trump-linked World Liberty Trust Co. has received a conditional national trust bank charter that could pave the way for it to take over the issuance and custody of the USD1 stablecoin from BitGo.

The Office of the Comptroller of the Currency (OCC), which grants federal bank charters in the U.S., authorized World Liberty Trust to operate as a national trust bank in a letter published on Friday, August 14. The decision allows the company to offer fiduciary, custody, and other trust company services within a federal regulatory framework.

According to the OCC letter, World Liberty Trust plans to become the new issuer and custodian for World Liberty Financial’s USD1 stablecoin. While BitGo Bank & Trust is currently listed as the exclusive issuer and custodian of the stablecoin—which is backed by U.S. dollar and fiat reserves—World Liberty aims to take over this role from BitGo. If the plan is implemented, the company will issue USD1 nationwide to institutional clients and provide digital asset custody services to these clients in a fiduciary capacity.

USD1 Issuance and Custody Role to be Taken Over from BitGo

The authorization granted is not yet final. The OCC has required the company to meet additional “preopening requirements” for final approval. The charter does not grant World Liberty Trust deposit-insured bank status, nor does it grant the company the right to open a Fed master account with the Federal Reserve.

World Liberty filed its charter application in January. Due to its ties to Trump, the application faced objections from Democratic politicians. In May, Senator Elizabeth Warren contacted OCC Acting Comptroller Jonathan Gould to express concerns about crypto companies gaining direct access to the banking system. Gould stated that the OCC would act independently of political influence and proceed with the process according to its normal schedule.