The Office of the Comptroller of the Currency granted conditional preliminary approval to World Liberty Trust to operate as a national trust bank. The decision, announced on August 14, directly benefits a venture in which the sitting president and his family hold a 38% ownership stake. The charter authorizes World Liberty Trust to issue and custody the USD1 stablecoin under federal oversight. This approval raises conflict-of-interest concerns, as President Trump holds both a political and financial position in this crypto venture. For the broader stablecoin market, the charter could create competitive pressure on established players like Tether and Circle.
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