World Liberty Trust Co. receives conditional bank charter from federal regulator

World Liberty Trust Co. has been granted a conditional bank charter by the Office of the Comptroller of the Currency (OCC). This approval allows World Liberty to operate fiduciary and trust company-related activities as a national trust bank. Final approval is contingent upon meeting additional preopening requirements. World Liberty will focus on services related to its USD1 stablecoin, which is backed by fiat currency. The bank plans to issue USD1 to institutional clients nationwide, taking over this role from BitGo Bank & Trust, the current exclusive issuer. World Liberty applied for the charter in January 2023, facing opposition from Democratic lawmakers due to its ties to President Donald Trump. The OCC noted that its staff reviewed the application for compliance with legal and regulatory standards. World Liberty does not intend to become a federally insured depository institution or gain access to a Federal Reserve master account.

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