The World Liberty Financial crypto company has received preliminary conditional approval from the Office of the U.S. Comptroller of the Currency to establish the World Liberty Trust Company national trust bank. This was announced by the co-founder of the project, Zach Witkoff. The new structure will be used to issue and redeem the USD1 stablecoin, manage its reserves, and store digital assets of institutional clients under federal supervision. It is important to note that a trust bank differs from a full‑fledged bank: such a structure, as a rule, does not have the right to accept deposits or issue loans. The approval of the application took place against the backdrop of discussions about the cryptocurrency‑related income of Donald Trump’s family and the blocking of the CLARITY bill, which was intended to create a comprehensive system for regulating digital assets in the United States.

The USD1 stablecoin has already approached the milestone of four billion dollars in circulation. Obtaining bank trust status should transfer key operations involving the asset to a structure operating under the direct supervision of the US banking regulator. Among the main functions of the new company will be the issuance and redemption of USD1, management of collateral reserves, segregated storage of clients’ assets, and compliance with AML and sanctions control procedures. According to Witkoff, federal oversight will enhance trust in the stablecoin at the corporate level. USD1 reserves are backed by US dollars on deposit, government money market funds, and cash equivalents. The token itself is available on major exchanges, including Binance and Coinbase, as well as in decentralized protocols.

Preliminary approval does not mean the bank will be launched immediately: the company still needs to meet a number of regulatory requirements and complete the necessary procedures. The bank will be headed by a board of five directors under the chairmanship of Zack Witkoff. The decision by the Comptroller of the Currency is of great importance for the entire crypto banking industry in the United States. Previously, crypto companies’ applications for trust licenses have drawn criticism from representatives of the Democratic Party, including Senator Elizabeth Warren, as well as from American banking associations, due to potential conflicts of interest. Nevertheless, in December 2025, major players such as Circle, Ripple, BitGo, Paxos, and Fidelity Digital Assets have already become the first crypto companies to receive conditional approval for the establishment of national trust banks.