The Office of the Comptroller of the Currency granted on August 15 conditional preliminary approval for a national trust bank charter to World Liberty Trust, a firm tied to former President Donald Trump’s World Liberty Financial operation. This decision allows the company to directly issue and custody its dollar-backed stablecoin USD1, as well as provide payment settlement services for institutional clients. Comptroller Jonathan Gould, a Trump appointee, signed the approval approximately seven months after the application was filed. Senator Elizabeth Warren raised concerns about a conflict of interest, arguing that a regulator appointed by a former president is now greenlighting a banking charter for a company co-founded by that same president’s family.
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