President Donald Trump’s family-backed crypto firm, World Liberty Financial, received conditional approval on Friday for a national trust bank charter from the Office of the Comptroller of the Currency. The regulatory milestone will allow the company to issue stablecoins directly.
Conditional Bank Charter Approval From the OCC
A federal financial regulator has conditionally approved an application for a bank charter by an entity connected to World Liberty Financial, a cryptocurrency firm partially owned by President Donald Trump’s family. The Office of the Comptroller of the Currency issued the decision via a letter posted on its website, granting a green light to World Liberty Trust Company’s application for a national trust bank.
The trust company is sponsored by World Liberty Financial, which notes on its website that 38% is owned by an entity affiliated with Donald J. Trump and certain of his family members.
Bringing the banking charter home will allow the firm to issue stablecoins—digital tokens backed by secure reserve assets like U.S. Treasurys that convert one-to-one into U.S. dollars—rather than relying entirely on third-party providers such as BitGo for stablecoin services.
Zach Witkoff serves as both the chief executive officer of World Liberty Financial and the chairman of the newly sanctioned trust company. The charter process remains ongoing, however. The firm must complete several additional steps, including raising capital, before the application is fully complete.
Expanding Retail Reach With a New App and Debit Card
Beyond the regulatory banking push, the platform is preparing a major retail expansion. Co-founder Zak Folkman announced upcoming offerings during a fireside chat at the Korea Blockchain Week 2025 Impact conference in Seoul, detailing plans for a proprietary retail application and a debit card.
The soon-to-be-launched debit card will allow users to connect their World Liberty Financial USD (USD1) stablecoin and the World Liberty Financial app directly to Apple Pay, though an exact release date has not yet been announced.
Folkman described the retail application as Venmo meets Robinhood
, merging traditional Web2 peer-to-peer payment functions with trading features similar to Robinhood. Despite building out these consumer services, Folkman affirmed that World Liberty Financial will never launch its own blockchain, retaining a neutral stance across various chains, technologies, and distribution platforms.
Market Performance and Political Backing
The Trump family venture has experienced wild financial swings alongside its operational expansions. The trading debut of its WLFI token initially fetched billions in paper fortune for the family, but the coin subsequently cratered after a brief initial surge.
Market data shows the token is down 34% from its opening price and 55% from its all-time high, with roughly $6.33 billion worth of investors’ wealth wiped out since the coin peaked at $0.46.
Politically, the venture remains closely tied to the administration’s broader crypto strategy. World Liberty Financial extended its support to the Digital Freedom Fund PAC, led by the Winklevoss twins, which aims to help establish the United States as the world’s cryptocurrency capital
.
Regulatory Tailwinds and Democratic Pushback
The OCC’s conditional approval lands during a period of heightened agency activity under the Trump administration. The office has emphasized support for new bank charter applications reviewed in part by career staff, receiving 40 applications since 2025—a sharp increase compared to President Joe Biden’s term—with many tied to crypto projects.
Some congressional Democrats have refused to support the Clarity Act, a crypto industry regulation bill, because it fails to impose strict limits on the president’s ability to profit from digital asset ventures. Sen. Elizabeth Warren, D-Mass., previously urged the OCC to reject World Liberty’s application unless the president divested his interests entirely.
