The U.S. banking regulator OCC, led by Trump-appointed Jonathan Gould, conditionally granted World Liberty Trust Company a federal trust charter for its USD1 stablecoin with a market capitalization of approximately $4 billion. This approval would allow the president’s family business to issue and custody the dollar assets backing the stablecoin itself, functions currently handled by partner BitGo. Congressional Democrats protested what they view as a conflict of interest, arguing the review was handled by career staff while Gould met his ethical obligations. The OCC imposed a $20 million capital floor among its conditions and non-political examiners will supervise the bank.
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