World Liberty Trust has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to organize a national trust bank dedicated to USD1 stablecoin operations, according to an official announcement.

The proposed institution, World Liberty Trust Company, National Association (WLTC), would issue and redeem USD1, manage the stablecoin's reserves, and provide digital asset custody for institutional clients under federal OCC supervision. The application is part of a wider move by stablecoin operators to bring issuance and custody under direct federal banking oversight. The GENIUS Act, signed into law in July 2025, created a U.S. regulatory framework for payment stablecoins and their reserves, and the OCC's national trust charter has become a common route for digital asset custody and issuance businesses. Circle, issuer of USDC, received preliminary conditional OCC approval in June 2025 for its proposed First National Digital Currency Bank, N.A., and other firms, including Crypto.com, have filed for similar charters.

USD1 issuance and custody move under one entity

The approval allows WLTC to proceed through the remaining chartering steps. However, the company must first satisfy the OCC's conditions and complete preopening requirements before starting operations.

World Liberty Financial said WLTC will replace BitGo as the exclusive issuer and custodian of USD1 for institutional clients. The company also plans to offer digital asset custody services to institutional customers nationwide.

According to Zach Witkoff, World Liberty Financial's co-founder and CEO, the company received conditional approval to organize WLTC. He said the bank would issue USD1 and provide custody under OCC supervision. World Liberty Financial launched USD1 in March 2025. The company was co-founded by Zach Witkoff with Donald Trump Jr. and Eric Trump, and the Trump family holds a majority stake in the venture.

USD1 has more than $4 billion in circulation, according to World Liberty Financial. The stablecoin's reserves consist of U.S. dollars held at financial institutions, government money market funds, and cash equivalents. That footprint remains far smaller than the two dominant stablecoins, Tether's USDT and Circle's USDC.

The company said WLTC will maintain segregated customer assets, independent reserve management, and anti-money laundering (AML) and sanctions screening. The bank will also undergo regular OCC examinations after opening.

Five-member board to oversee proposed national trust bank

WLTC will have a five-member board led by Zach Witkoff as chair. Scott Alper, president and chief investment officer of Witkoff Group, will also serve on the board.

Robert Witkoff, a former co-chief investment officer at The Chubb Corporation, will join the board. Jeffrey Weiner, former chairman and CEO of Marcum LLP, will serve as an independent director.

Erin Baskett, a FINRA Board of Governors member and founder of Sine Qua Non Capital, will also serve as an independent director. Mack McCain will become chief trust officer, while Daniel Dietzel will serve as chief financial officer.

World Liberty Trust does not plan to become a federally insured depository institution. It also does not plan to seek a Federal Reserve master account or status as a bank under the Bank Holding Company Act. National trust banks chartered by the OCC exercise fiduciary powers such as custody but do not accept deposits. Anchorage Digital Bank became the first federally chartered national trust bank focused on digital asset custody in 2021.

USD1 is available through Binance, Coinbase, Kraken, Bybit, OKX, Bitget, Gate, KuCoin, Crypto.com, and MEXC. The stablecoin is also available through decentralized exchanges including Uniswap and PancakeSwap.