World Liberty Financial (WLFI), the decentralized finance protocol co-founded by President Donald Trump and his family, announced Wednesday that it has filed a formal application with federal regulators to establish a national trust bank. The move, initiated through subsidiary WLTC Holdings LLC, marks a significant step toward bringing the project’s stablecoin operations under direct federal oversight.
The “de novo” application was submitted to the Office of the Comptroller of the Currency (OCC) to create the World Liberty Trust Company, National Association (WLTC). If approved, the entity would function as a specialized national trust bank designed to issue, custody, and manage the protocol’s dollar-backed stablecoin, USD1. Unlike traditional commercial banks, national trust banks generally focus on fiduciary activities and custody rather than consumer lending or deposit-taking.
According to World Liberty co-founder Zach Witkoff, who is slated to serve as the trust company’s president and chairman, the charter is intended to create a “full-stack” regulated offering. Witkoff noted that USD1 has experienced rapid growth since its March 2025 launch, reaching over $3.3 billion in circulation within its first year. The proposed bank plans to offer institutional services including zero-fee stablecoin issuance and redemption, fiat on-ramp and off-ramp services, and secure digital asset custody.
The timing of the application aligns with a shifting regulatory landscape following the July 2025 signing of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins). As the first major crypto framework enacted into U.S. law, the Act established a federal pathway for stablecoin issuers to operate under the OCC. WLTC joins a growing list of industry leaders, including Coinbase, Circle, and Fidelity Digital Assets, that have sought or received conditional federal charters to operate as trust banks.
World Liberty Financial launched in late 2024 with a leadership team that includes President Trump and his sons, Donald Jr., Eric, and Barron. The USD1 stablecoin is currently backed by U.S. dollars held at regulated institutions and short-duration U.S. Treasuries. By securing a national charter, the company aims to bypass the fragmented state-by-state licensing process, providing the regulatory clarity necessary for further institutional adoption in cross-border payments and treasury management.
