The Office of the Comptroller of the Currency granted conditional approval on August 14 to World Liberty Trust Co., a limited-purpose national trust bank tied to World Liberty Financial, backed by Donald Trump Jr. and Eric Trump. The charter enables the entity to handle issuance, custody, and redemption services for its USD1 stablecoin, a dollar-backed digital token launched in 2024. The limited-purpose status prohibits the company from making loans or accepting federally insured deposits. Senator Elizabeth Warren flagged a conflict of interest, noting that a sitting president’s family holds a 38 % controlling stake in a company now holding a federal bank charter, approved by an agency whose leadership serves at the pleasure of the president.
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