World Liberty Financial in New York has applied with the Office of the Comptroller of the Currency to form a national trust bank.
WLTC Holdings applied to create World Liberty Trust Co. The proposed trust bank would issue and redeem stablecoin, offer on-ramp and off-ramp services, and allow for custody and conversion.
“This application marks a further evolution of the World Liberty Financial ecosystem. USD1 grew faster in its first year than any other stablecoin in history,” Zach Witkoff, the proposed trust bank’s president and chairman, said in the release. “Institutions are already using USD1 for cross-border payments, settlement, and treasury operations. A national trust charter will allow us to bring issuance, custody, and conversion together as a full-stack offering under one highly regulated entity.”
Trump’s sons co-founded World Liberty, and the president is listed as co-founder emeritus. Witkoff is the son of President Donald Trump’s longtime ally Steve Witkoff.