World Liberty Financial, a venture co-founded in 2024 by Donald Trump Jr. and Eric Trump, secured the green light to establish the World Liberty Trust Company. According to the firm's website, an entity affiliated with Donald J. Trump holds a 38% stake in the business. The company, which saw the former president reap roughly $527 million from token sales last year, will now move forward with plans to issue its own USD1 stablecoin and manage dollar-backed assets internally, rather than relying on current partner BitGo.
Senator Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, condemned the decision as a brazen act of self-dealing. The OCC, currently led by Jonathan Gould, maintained that the application underwent a standard review by career staff. While the agency emphasized that the proposal met specific regulatory requirements, the approval highlights a broader trend: crypto firms are increasingly seeking federal charters to capture institutional clients under an administration signaling a more permissive stance toward digital assets. The new bank's board is slated to be chaired by Zach Witkoff, the son of Trump’s special envoy to the Middle East.
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