Trump-backed World Liberty Financial seeks US bank charter to bring USD1 stablecoin fully onshore

World Libert Financial, the DeFi protocol supported by President Donald Trump, has created a new trust company to seek a U.S. banking license.

WLTC Holdings LLC filed a de novo application to the Office of the Comptroller of the Currency (OCC) to establish World Liberty Trust Company, National Association (WLTC), a proposed national trust bank purpose-built for stablecoin operations, the company said Wednesday in a release. The charter will position WLTC to issue USD1, the dollar-backed stablecoin from World Liberty.

In December, the OCC granted conditional approvals to Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos, which had applied for the federal charter needed to become trust banks. Coinbase and Crypto.com are among others to have also applied.

"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," said World Liberty co-founder Zach Witkoff, the proposed president and chairman of World Liberty Trust Company. "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."

WLTC plans to offer three core services under federal supervision, according to the release: Stablecoin issuance and redemption, on-ramp and off-ramp services, and custody and conversion. "The trust company plans to serve institutional customers, including cryptocurrency exchanges, market makers, and investment firms," the release states.

Last July, Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act — the first major crypto framework signed into U.S. law.

World Liberty launched in October 2024 and listed President Trump along with his three sons (Donald Jr., Eric, and Baron) as co-founders. In March 2025, the protocol launched the USD1 stablecoin.

USD1 is backed by U.S. dollars held at regulated depository institutions and funds holding short-duration U.S. Treasurys. The stablecoin reached over $3.3 billion in circulation in its first year, according to the release.