United Arab Emirates' national security advisor, also known as the "spy sheikh," is playing a major investment role in President Donald Trump's family's bank venture, according to reporting from The Wall Street Journal.
Sheikh Tahnoon bin Zayed al Nahyan, who is also the brother of the country's president, and co-investors have a 49% stake in the holding company created by World Liberty Financial to pursue a bank charter, according to WSJ.
The report comes a few weeks after the Office of the Comptroller of the Currency granted World Liberty Trust Company, National Association preliminary approval to become a national trust bank.
Earlier this year, WLF created a new trust company to secure a banking license from the OCC that it said would allow it to offer stablecoin issuance and redemption, on-ramp and off-ramp services, and custody and conversion.
WLF issues a stablecoin called USD1, which has a market capitalization of $4 billion and ranks as the fourth-largest stablecoin after Tether and USDC.
