- The proposed trust bank would operate exclusively to provide stablecoin services under the supervision of the OCC.
- USD1 reached more than $3.3 billion in circulation within a year of its launch.
- The stablecoin is fully backed by U.S. dollars and short-term U.S. Treasury assets.
World Liberty Financial, a crypto firm linked to the Trump family, has applied for a national trust bank charter — a move that would place the issuance and custody of stablecoins within a traditional banking regulatory framework.
Circulation of USD1 quickly grew to more than $3.3 billion within its first year after launch.
Trust bank filing
According to a filing with the U.S. Office of the Comptroller of the Currency (OCC), World Liberty Financial has applied to launch World Liberty Trust Company through its subsidiary WLTC Holdings LLC.
The proposal outlines a national trust bank designed solely to support stablecoin-related activities.
The trust bank would be authorized to issue, redeem, and custody USD1. It would not offer traditional lending products or retail banking services.
Instead, it would operate within the OCC’s established trust bank framework, which requires strict asset segregation, independent reserve oversight, and periodic examinations.
If approved, World Liberty Trust Company would operate under the same federal supervision that governs traditional trust institutions.
Stablecoin services
World Liberty Trust Company plans to offer three core services under U.S. regulatory oversight.
These services include minting and redeeming USD1, facilitating conversions between U.S. dollars and the stablecoin, and providing custody for USD1 and other approved stablecoins.
At launch, minting and redemption are expected to be fee-free.
All services will comply with anti–money laundering rules, sanctions screening, and enhanced security controls.
The structure is also intended to align with the proposed GENIUS Act, which aims to create clear federal standards for stablecoin issuers operating in the United States.
USD1 growth
USD1 has grown rapidly since its launch, reaching roughly $3.3 billion in circulation within its first year. This expansion places it among the fastest-scaling stablecoins to date.
The token is fully backed by U.S. dollars and short-term U.S. Treasury assets held at regulated financial institutions.
The stablecoin is already available across multiple blockchains, including Ethereum, Solana, BNB Smart Chain, TRON, Aptos, and AB Core.
It is also listed on major exchanges, making it accessible to both retail users and institutional clients.
Regulatory path
If the OCC grants approval, the trust bank would initially focus on institutional clients seeking regulated issuance and custody services for stablecoins.
The review process is expected to be comprehensive, covering capital adequacy, compliance infrastructure, and risk management systems.
This step follows earlier engagement by U.S. regulators with crypto firms. In December of last year, the OCC issued conditional approvals to firms including Fidelity Digital Assets, Ripple, Paxos, and Circle.
More recently, Crypto.com and Coinbase have also filed applications, reflecting a broader industry shift toward federally regulated crypto banking structures.