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Trump Family’s World Liberty Financial Gets Preliminary Approval to Launch a Bank
Donald Trump Jr. and Eric Trump of World Liberty Financial cheer outside the Nasdaq building after ringing the opening bell last year.
Eduardo Munoz/
World Liberty Financial, the Trump family’s flagship crypto venture, said on Friday that its trust company has received preliminary conditional approval from the Office of the Comptroller of the Currency to become a bank.
Upon final approval, World Liberty Trust will operate as a federally chartered national trust bank. The charter will allow World Liberty to issue, redeem and safeguard USD1, the dollar-backed stablecoin that World Liberty launched last year. The stablecoin, whose reserves are currently custodied with BitGo, has a market value of about $4 billion.
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