World Liberty Financial (WLFI) , a cryptocurrency platform owned by the Trump family, recently applied for a banking license from US regulators, aiming to further expand institutional adoption of its stablecoin USD1. This application signifies WLFI's desire to fully integrate the issuance, custody, and exchange of its stablecoin into its own system, rather than relying entirely on third-party crypto service providers.
Applying for a National Trust Bank license to build a complete stablecoin infrastructure
WLFI stated that its subsidiary, WLTC Holdings, has formally submitted an application to the Office of the Comptroller of the Currency (OCC) to obtain a National Trust Bank license.
Once approved, WLFI will be able to handle the issuance, custody, and exchange of USD1 independently, no longer relying on third-party infrastructure providers such as BitGo .
The CEO explained the motivation for the application, emphasizing the adoption by institutional users.
WLFI CEO Zach Witkoff stated that institutional clients are already using USD1 for cross-border payments, settlements, and corporate fund management.
He pointed out that if the National Trust Bank license could be obtained, the "issuance, custody and exchange functions" could be integrated into a single, highly regulated entity, providing a complete range of stablecoin services.
Future functions of trust banks: fee-free minting and multi-currency custody.
According to WLFI 's plan, once the trust bank is formally established, it will be able to provide:
Fee-free minting and redemption of USD1.
Conversion service between US dollars and USD1.
Custody functions for USD1 and other stablecoins.
The regulatory landscape is gradually shifting, and the OCC is becoming more open to encryption.
Regarding the regulatory environment, the OCC has recently demonstrated an open attitude towards crypto and fintech companies. In December 2025, the OCC issued five conditionally approved banking licenses to Circle , Ripple , Fidelity Digital Assets , BitGo, and Paxos .
At the time, Jonathan Gould, the Comptroller of the Currency, stated that the entry of new financial institutions into the federal banking system would help expand product and service options and maintain competition and diversity within the banking system.
Political and regulatory attention is intensifying, raising concerns about conflicts of interest.
WLFI 's banking license application may also trigger higher-level political and regulatory scrutiny. Some members of Congress have already questioned the relationship between Trump and WLFI , suggesting a potential conflict of interest.
Public records show that Trump himself, along with his sons Eric Trump , Barron Trump , and Donald Trump Jr. , are all listed as co-founders of World Liberty.
The company responded to external doubts, stating that the trust structure was used to separate management control.
In response to external concerns, Zach Witkoff stated that WLFI adopted a trust company structure precisely to "avoid conflicts of interest." He emphasized that Trump himself and his family members would not serve as senior executives of the company, nor would they participate in day-to-day operations or actual decision-making, in order to reduce external concerns about potential conflicts of interest.
(Circle wants to become a bank? What is the purpose of the OCC's National Trust Bank license?)
The article, titled "Trump Family's World Liberty Financial Applies for Banking License, Intending to Take Full Control of USD1 Operations," first appeared on ABMedia, a ABMedia .
