OCC Conditionally Approves Bank Charter for World Liberty Trust Co.

A federal banking regulator announced Friday that World Liberty Trust Co. has been granted a conditional bank charter.

The Office of the Comptroller of the Currency stated in a website-posted letter that the firm is authorized to operate fiduciary activities and other trust company-related functions as a national trust bank.

“This preliminary conditional approval reflects a thorough evaluation of all available information, including application representations and commitments made by the bank’s representatives,” the OCC noted.

Final charter approval remains contingent on the company satisfying additional preopening requirements, the letter specified.

World Liberty Trust Company plans to center its operations on services related to World Liberty Financial’s USD1 stablecoin, the regulator confirmed.

According to the letter, the bank intends to issue USD1, a fiat-currency-backed stablecoin, to institutional clients nationwide, transitioning this role from BitGo Bank & Trust, National Association, which currently serves as the exclusive issuer and custodian. The bank also plans to provide digital asset custody services as a fiduciary, primarily to USD1 customers and other institutional clients.

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