World Liberty Financial, the Trump family’s high-profile crypto venture, is taking a bold step into the heart of the U.S. financial system. The company has applied for a national trust bank charter, a move that could significantly reshape how its digital assets operate while intensifying scrutiny over politics, regulation, and the growing overlap between crypto and traditional finance.
According to reports, World Liberty Trust filed a de novo application this week with the Office of the Comptroller of the Currency (OCC), the federal regulator responsible for supervising national banks. If approved, the charter would place the firm among a small but rapidly growing group of crypto-native companies seeking legitimacy through direct federal oversight.
A Strategic Push Toward Stablecoins and Custody
At the center of World Liberty’s application is USD1, its dollar-backed stablecoin launched last year. The proposed charter would allow the trust to issue and custody the stablecoin directly, rather than relying on external banking partners.
USD1 has already gained notable traction, reaching an estimated market value of $3.4 billion. Part of that growth stems from its role in a $2 billion investment into crypto exchange Binance, funded by a third-party investor using the stablecoin.
With a trust bank charter, World Liberty aims to expand services for institutional clients such as exchanges, market makers, and investment firms. These services would include crypto custody and seamless stablecoin conversions—core infrastructure offerings that have become increasingly important as institutional interest in digital assets grows.
Company executives argue that operating under a federal charter would streamline operations, reduce dependence on third-party custodians, and accelerate product development in a competitive market.
Following a Regulatory Trend in Washington
World Liberty’s move comes amid a noticeable shift in U.S. crypto regulation. Under the current administration, federal regulators have shown greater willingness to integrate crypto firms into the traditional banking framework—albeit under tighter oversight.
In recent months, trust bank charters have been approved for several major industry players, including BitGo, Fidelity Digital Assets, Circle, Ripple, and Paxos. These charters allow firms to provide custody and settlement services but typically prohibit them from accepting deposits or issuing loans like full-service banks.
Supporters see this structure as a pragmatic middle ground: offering regulatory clarity and consumer protections without forcing crypto companies into ill-fitting banking models. Critics, however, warn that even limited banking privileges could introduce systemic risks if stablecoins and custody services scale rapidly.
Political Influence and Conflict Concerns
The application has also reignited debate around political influence in the crypto sector. Since launching crypto ventures in 2024, President Trump has reportedly increased his personal net worth by more than $1 billion, fueled in part by digital asset projects tied to his family.
Concerns have been amplified by Trump’s pardon of Binance founder Changpeng Zhao, a move that critics say underscores potential conflicts of interest—especially given USD1’s involvement in a major Binance-related investment.
World Liberty’s leadership has pushed back against these claims. Company representatives say the trust has been structured specifically to avoid conflicts, with Trump family members holding only nonvoting equity stakes and exercising no operational control over the business.
A Defining Moment for Crypto and Banking
If approved, World Liberty Trust’s charter would mark another step toward crypto’s normalization within the U.S. financial system. It would also highlight how stablecoins are increasingly viewed as a bridge between blockchain networks and traditional markets.
At the same time, the application underscores the growing tension between innovation and oversight, particularly when digital assets intersect with political power.
Whether the charter is approved or not, World Liberty’s bid signals a new phase for crypto in Washington—one where regulatory legitimacy, institutional adoption, and political scrutiny are becoming inseparable parts of the same conversation.