The Office of the Comptroller of the Currency (OCC) has granted President Trump-backed World Liberty Financial preliminary conditional approval to establish World Liberty Trust Company, N.A., a national trust bank that would oversee its USD1 stablecoin operations.

 

Since the charter is conditional, World Liberty Trust Company will serve as a limited purpose national trust bank, handling the fiduciary and trust aspects of the USD1 stablecoin, including the issuance and redemption of the stablecoin, management of the reserves backing USD1, and custody services for institutional clients using USD1.

 

Regarding the regulatory milestone, Zach Witkoff, CEO and co-founder of World Liberty Financial, wrote in an X post, “Rigorous oversight, institutional controls and clear accountability are how stablecoins become trusted financial infrastructure.”

 

“Our ambition is clear: to build the most trusted and widely used digital dollar in the world while strengthening the role of the U.S. dollar across the global economy.”

 

As part of the conditions stated by the OCC in its approval letter, World Liberty Trust Company must restrict its activities strictly to those relating to trust activities. If it intends to deviate from these activities, the bank must provide the OCC with 60 days’ prior notice.

 

Before any executive is appointed, World Liberty Trust Company must submit information about the executives to the OCC and receive a non-objection letter from the regulator.

 

The trust bank will initially be governed by a five member team: Zach Witkoff, who will serve as board chair; Scott Alper, President and Chief Investment Officer of Witkoff Group; Robert Witkoff, former Co-Chief Investment Officer of The Chubb Corporation; Jeffrey Weiner, former Chairman and CEO of Marcum LLP, one of the largest accounting firms in the U.S.; and Erin Baskett, a member of the FINRA Board of Governors and founder of brokerage firm Sine Qua Non Capital.