World Liberty Financial Gets OCC Approval for National Trust Bank Focused on USD1

Highlights:

• World Liberty Financial secures OCC preliminary approval to set up a national trust bank. 
• WLFI said the proposed bank will handle USD1 issuance and redemptions. 
• WLTC Holdings LLC will serve as the sponsor of the new trust bank.

Donald Trump family-backed decentralized finance (DeFi) protocol, World Liberty Financial (WLFI), has secured preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank focused on its USD1 stablecoin. The company confirmed the approval in a press release on August 14, highlighting key details of the new bank. 

According to the press release, the proposed trust bank, World Liberty Trust Company, National Association (WLTC), will be sponsored by WLTC Holdings LLC. WLFI added that upon receiving full authorization and rolling out services, the bank will be supervised at the federal level. In addition, the bank will handle key aspects of the USD1 business. 

The approval comes a few days after Crypto2Community reported that WLFI is edging closer to securing the OCC authorization. Meanwhile, World Liberty established a US trust company and submitted its charter application in January. The company filed the application shortly after the OCC granted conditional trust bank approvals to Circle, BitGo, and Ripple.   

Launched in March 2025, the USD1 market cap grew from about $128 million to over $2 billion in May 2025. Currently, over $4 billion in USD1 is in circulation, making the proposed trust bank an important step in the right direction to ensure the stablecoin’s continued expansion.

Today, @worldlibertyfi received conditional approval from the OCC to organize World Liberty Trust Company, N.A., a national trust bank designed from the ground up to issue $USD1 and provide custody under federal supervision.

Rigorous oversight, institutional controls and clear…

— Zach Witkoff (@ZachWitkoff) August 14, 2026

Roles of the National Bank Proposed by World Liberty Financial

World Liberty categorically stated that WLTC will handle USD1 issuance and redemptions. It will also manage the assets supporting the stablecoin and provide digital asset custody for institutional customers. 

WLFI also noted that the bank will keep customer assets separate, while using independent reserve management. It will also conduct regular anti-money laundering and sanctions checks. The bank will also be subjected to regular examinations by the OCC once it begins operating.

Zach Witkoff, who will serve as the Chairman and President of World Liberty Trust Company, said federal supervision would give institutions greater confidence in how USD1 is issued, held, and supported by reserves. 

The President stated:

“A national trust bank brings USD1 issuance, custody, and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations. We welcome continuous scrutiny from Federal regulators for many years to come.”

WLTC Board of Executives

Aside from Zach Witkoff, who will serve as Chairman and President, four other people will join the proposed bank as executives and independent directors. These selected individuals have strong backgrounds in finance, accounting, and regulation. 

Scott Alper, President and Chief Investment Officer of Witkoff Group, and Robert Witkoff, a former Co-Chief Investment Officer of The Chubb Corporation, will sit on the board. In addition, Jeffrey Weiner, former Chairman and CEO of Marcum LLP, and Erin Baskett, a member of brokerage firm SineQua Non Capital, will serve as the two independent directors. 

Once the bank resumes operation, Mack McCain will assume the role of the Chief Trust Officer, overseeing its fiduciary operations. Daniel Dietzel, who previously served as the Chief Financial Officer (CFO) of Institutional Prime Broker Hidden Road, will serve as WLTC’s CFO.