Trump family World Liberty Financial applies for a banking license, planning to fully control the USD1 operation process

Trump Family’s Cryptocurrency Platform World Liberty Financial (WLFI) Recently Officially Applied for a Banking License with U.S. Regulators, Aiming to Further Expand Institutional Adoption of Its Stablecoin USD1. This Application Represents WLFI’s Intent to Fully Integrate the Issuance, Custody, and Exchange Processes of the Stablecoin into Its Own System, Moving Away from Complete Reliance on Third-Party Crypto Service Providers.

Applying for a National Trust Bank License to Build an All-in-One Stablecoin Infrastructure

WLFI stated that its subsidiary WLTC Holdings has officially submitted an application to the Office of the Comptroller of the Currency (OCC) to obtain a (National Trust Bank) license.

Once Approved, WLFI Will Be Able to Handle the Issuance, Custody, and Exchange of USD1 Independently, No Longer Relying on Third-Party Infrastructure Providers like BitGo.

CEO Explains Motivation for Application, Strengthening Institutional Adoption

WLFI CEO Zach Witkoff said that some institutional clients are already using USD1 for cross-border payments, settlements, and corporate treasury management.

He pointed out that if they obtain the national trust bank license, they can integrate the “issuance, custody, and exchange functions” under a single, highly regulated entity, providing a comprehensive end-to-end stablecoin service.

Future Functions of the Trust Bank, No-Fee Minting and Multi-Currency Custody

According to WLFI’s plan, if the trust bank is officially established, it will offer:

• No-fee minting and redemption of USD1.
• Conversion services between USD and USD1.
• Custody functions for USD1 and other stablecoins.

Regulatory Environment Gradually Shifting, OCC’s Attitude Toward Crypto Becomes More Open

In terms of regulation, the OCC has recently shown a more open attitude toward crypto and fintech companies. In December 2025, the OCC issued five “Conditional Approvals” for banking licenses to Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos.

At that time, OCC Director Jonathan Gould stated that the entry of new financial institutions into the federal banking system would help expand product and service options and maintain competition and diversity within the banking sector.

Political and Regulatory Scrutiny Intensifies, Potential Conflicts of Interest Emerge

WLFI’s banking license application may also trigger higher-level political and regulatory scrutiny. Some members of Congress have questioned the relationship between Trump and WLFI, suggesting potential conflicts of interest.

Public records show that Donald Trump himself, along with his children Eric Trump, Barron Trump, and Donald Trump Jr., are listed as co-founders of World Liberty.

Company Responds to External Concerns, Trust Structure Used to Cut Operational Control

In response to external concerns, Zach Witkoff stated that WLFI’s use of a trust company structure is precisely to “avoid conflicts of interest.” He emphasized that Trump and his family members will not serve as senior executives or participate in daily operations and decision-making, to reduce concerns about potential conflicts of interest.

(Circle Also Wants to Become a Bank? What Is the Purpose of OCC’s National Trust Bank License)

This article about Trump Family’s World Liberty Financial applying for a banking license and planning to fully control the USD1 operation process first appeared on Chain News ABMedia.