OCC Grants World Liberty Financial Preliminary Conditional Approval to Establish National Trust Bank for USD1 Stablecoin Operations
World Liberty Financial today announced that the Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval to organize World Liberty Trust Company, National Association (WLTC), a de novo national trust bank purpose-built for stablecoin operations. WLTC would be organized by its sponsor, WLTC Holdings LLC.
Upon opening, WLTC will operate as a national trust bank under federal supervision, engaging in the issuance and redemption of USD1, management of the reserve backing USD1, and digital asset custody services for institutional customers. USD1, the dollar-backed stablecoin, has reached over $4 billion in circulation.
“USD1 grew because institutions trust how it operates, and confidence at enterprise scale deserves the backing of federal supervision,” said Zach Witkoff, President and Chairman of World Liberty Trust Company. “What makes a stablecoin trustworthy is the strength of the reserve behind it, and who stands accountable for it. A national trust bank brings USD1 issuance, custody, and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations. We welcome continuous scrutiny from Federal regulators for many years to come.”
