Trump-Backed World Liberty Wins Conditional OCC Charter for USD1

Key Insights:

• OCC granted World Liberty preliminary conditional approval for a national trust bank charter.
• Final approval depends on World Liberty meeting additional OCC preopening requirements.
• Elizabeth Warren criticized crypto firms seeking banking powers without traditional safeguards.

World Liberty Financial has moved closer to bringing its USD1 stablecoin under direct U.S. federal oversight. The Office of the Comptroller of the Currency has granted preliminary conditional approval for World Liberty Trust Co., giving the Trump-linked crypto firm a path toward operating as a national trust bank.

OCC Gives World Liberty Conditional Approval

The OCC announced the preliminary conditional approval on August 14, 2026, after reviewing World Liberty Trust Co.’s application for a national trust bank charter.

The approval is not yet a final banking license. World Liberty must first meet additional preopening requirements before the OCC gives final approval. The regulator said its decision followed a review of the information provided by the company and its representatives.

The proposed institution will operate as World Liberty Trust Company, National Association, focusing mainly on stablecoin and digital asset services rather than traditional consumer banking.

World Liberty originally applied for the charter in January 2026, seeking to bring USD1 issuance and custody under its own federally regulated entity.

USD1 Could Move Away From BitGo

The biggest change could involve USD1, World Liberty Financial’s dollar backed stablecoin. At present, BitGo Bank & Trust is the exclusive issuer and custodian for USD1. Under the proposed structure, World Liberty Trust would take over that role.

The OCC letter said the bank plans to issue USD1 to institutional customers across the U.S. and provide digital asset custody services, mainly for USD1 customers and other institutional clients. That would give World Liberty more control over the stablecoin's core operations.

USD1 has already grown quickly. World Liberty said in January that the stablecoin had passed $3.3 billion in circulation during its first year. More recent reporting puts its market value at around $4 billion.

The planned bank could therefore become an important part of USD1's next stage as World Liberty tries to expand its use among institutions.

What Services Will the Trust Bank Offer?

World Liberty is not planning to become a traditional bank that takes customer deposits and makes loans.

Instead, its proposed trust bank would focus on USD1 issuance, custody, and related digital asset services. The company's original charter plan also included stablecoin conversion and institutional services.

The difference matters because the OCC's approval would give World Liberty a federal trust charter, but the company has specifically said it does not intend to become a federally insured depository institution or a bank covered by the Bank Holding Company Act.

It also does not plan to obtain access to a Federal Reserve master account. So, despite the word “bank” in its charter, World Liberty Trust would not operate like JPMorgan Chase or Bank of America.

Elizabeth Warren Raises Banking Concerns

The approval has also renewed a political fight over crypto companies receiving banking powers.

Senator Elizabeth Warren has previously argued that some crypto firms are seeking trust charters without taking on the same responsibilities as traditional banks.

In May, Warren accused the OCC of allowing crypto companies to seek banking powers while avoiding what she described as the normal safeguards and obligations of banks. She said these companies “want to evade the fundamental safeguards and obligations that come with being a bank.”

After the World Liberty decision, Warren and other Democrats said they would introduce the Ending Presidential Corruption in Banking Act, which would prevent senior government officials from owning or controlling banks.

The concerns are especially sensitive because World Liberty is closely linked to President Donald Trump and his family. The OCC, however, said career staff reviewed the application under its normal legal and regulatory process.

For now, the OCC decision is a major step, but USD1's new banking structure is not fully live yet. Final approval remains the next hurdle.