World Liberty Financial, the Trump-backed cryptocurrency venture, has applied for a national banking license with U.S. regulators, aiming to bring its stablecoin operations under federal oversight.
The company’s arm, World Liberty Trust, filed a “de novo” application Wednesday with the Office of the Comptroller of the Currency for a national trust bank charter. Approval would allow the trust to issue and safeguard USD1, a dollar-backed stablecoin launched last year now valued at about $3.4 billion.
A banking license would let World Liberty Trust offer institutional services including stablecoin issuance, custody, and conversion, reducing reliance on third-party providers and accelerating product development. World Liberty Financial said the trust will comply with the GENIUS Act, the stablecoin regulatory framework passed last year, and meet anti-money-laundering and sanctions rules.
Source: The Wall Street Journal
