TL;DR
- World Liberty Financial applied to the OCC for a national trust bank charter to create WLTC and issue, custody, and manage USD1 under federal supervision.
- WLTC would directly handle the minting, redemption, custody, and conversion of USD1, with a focus on institutional clients.
- USD1 exceeds $3.3 billion in market capitalization and is used in cross-border payments and corporate treasury operations.
World Liberty Financial submitted an application to the Office of the Comptroller of the Currency (OCC) to obtain a national trust bank charter in the United States. This license would allow the company to create World Liberty Trust Company (WLTC), an entity designed exclusively to issue, custody, and manage the USD1 stablecoin within a federally regulated framework.
The application was filed on January 7 and outlines an operating model in which WLTC would directly assume the issuance, minting, and redemption of USD1. The structure also includes custody services and stablecoin conversion, allowing institutional users to migrate from other dollar-backed tokens into USD1 without relying on external intermediaries. The company said the entity will target institutional clients, including crypto exchanges, market makers, and investment firms.
USD1 Continues to Grow in the Stablecoin Market
USD1 is a U.S. dollar–pegged stablecoin backed by reserves held at regulated depository institutions and funds with exposure to short-term U.S. Treasury securities. Its market capitalization exceeds $3.3 billion. According to the company, USD1 is already used for cross-border payments, settlement processes, and corporate treasury operations.
World Liberty Financial’s structure includes three service lines under federal supervision. The first covers the issuance and redemption of USD1, with direct minting and redemption. The second includes on-ramp and off-ramp services between U.S. dollars and USD1. The third focuses on digital asset custody and stablecoin conversion at market prices. At launch, the company plans to eliminate fees for issuance and basic conversion processes.
World Liberty Financial Plans to Offer Tokenized RWAs
The entity would operate under the GENIUS Act framework. It would also implement enhanced anti-money laundering controls, sanctions screening, and cybersecurity protocols. Zach Witkoff, co-founder of World Liberty Financial, would assume the role of president and chairman of WLTC following approval. Mack McCain, the group’s legal counsel, would oversee fiduciary functions as trust officer.
World Liberty Financial joins a growing group of crypto firms seeking federal banking licenses in the United States. In December, the OCC granted conditional approvals to companies such as Circle and Ripple. Separately, the company is also evaluating an expansion of its offering with additional financial products, which could include tokenized real-world assets.
