The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval to World Liberty Financial for the creation of a federally chartered national trust bank. An entity linked to Sheikh Tahnoon bin Zayed al Nahyan, the UAE national security adviser and brother of the country’s president, holds a 49% stake in the proposed bank’s holding company. The bank is intended to issue, redeem, and safeguard USD1, the dollar-backed stablecoin launched by World Liberty last year. The OCC approval remains preliminary and conditional and does not constitute a final banking charter.
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