World Liberty Financial, a crypto firm connected to former President Trump, has been granted a national trust bank charter. This approval allows the company to function as a limited-purpose financial institution without offering traditional banking services like loans or insured deposits. The move is part of a broader trend under Trump’s leadership, where several crypto-related firms have received similar charters from the Office of the Comptroller of the Currency.
Although the company does not operate a full bank, it gains significant legal and financial benefits from federal oversight. The charter will allow World Liberty Financial to issue and redeem its USD1 stablecoin directly, manage the reserves that back it, and offer digital asset custody services. This development may help increase trust in the stablecoin and expand its use among customers and investors.
Despite the approval, World Liberty Financial has denied any direct involvement of Trump in its management, according to Politico. The company also stated that none of its leaders or employees are federal government workers.
Still, Trump and his family maintain a large financial stake in the firm through DT Marks DEFI LLC. According to the company’s website, DT Marks DEFI LLC owns around 38 percent of the holding company that controls World Liberty Financial.
The firm has reportedly made about four billion in crypto-related earnings so far. Critics have expressed concern that Trump continues to support the cryptocurrency market while everyday Americans face issues with their own bank accounts.
The approval marks another step in the growing acceptance of crypto firms within the U.S. regulatory framework.
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