Trump family moves into banking as OCC grants charter for stablecoin trust company

The Office of the Comptroller of the Currency granted conditional approval on August 14 for World Liberty Trust Co., a limited-purpose national trust bank tied to World Liberty Financial, the crypto venture backed by Donald Trump Jr. and Eric Trump. The charter lets the entity handle issuance, custody, and redemption services for its USD1 stablecoin, a dollar-backed digital token that WLF has been building since launching in 2024.

What the charter does, and what it doesn’t

World Liberty Trust Co. operates under a limited-purpose charter, meaning it cannot make loans or accept federally insured deposits. Instead, the charter carves out a narrow lane: the trust company can perform activities related to its stablecoin infrastructure, essentially serving as regulated plumbing for USD1.

A friendlier climate for new banks

WLF filed its de novo application with the OCC in January 2026. In February, the OCC issued a final rule clarifying the scope of activities for trust banks. That rule, which took effect on April 1, confirmed that trust banks could perform both fiduciary and non-fiduciary activities, meaning a trust charter could support operational functions like stablecoin mechanics.

Multiple crypto firms have received conditional approvals for bank charters under this administration, making World Liberty Trust Co. part of a broader trend.

The conflict-of-interest question

Sen. Elizabeth Warren has flagged a conflict of interest: a sitting president’s family operating a federally regulated financial entity while the administration simultaneously loosens the rules that govern such entities. DT Marks DEFI LLC, an entity closely linked to the Trump family, controls 38% of World Liberty Financial — a controlling stake in a company that now holds a federal bank charter, approved by an agency whose leadership serves at the pleasure of the president.

What this means for stablecoins and crypto banking

A trust charter gives World Liberty Trust Co. the ability to operate across state lines without needing separate money transmitter licenses in each state, a compliance burden that has plagued smaller stablecoin issuers. It also signals to institutional partners that USD1 operates within a recognized federal framework.

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