Key Takeaways
- • World Liberty Financial, the crypto venture co-founded by President Donald Trump, has applied for a US bank charter to expand its USD1 stablecoin operations.
- • WLTC Holdings LLC filed a de novo application with the Office of the Comptroller of the Currency (OCC) to establish World Liberty Trust, a proposed national trust bank purpose-built for stablecoin services.
- • World Liberty announced the filing in a statement issued Wednesday in New York; the Wall Street Journal first reported the news.
Summary
World Liberty Financial, the crypto venture co-founded by President Donald Trump, is seeking a United States bank charter for one of its entities, a move that would allow it to expand operations for its USD1 stablecoin, according to Bloomberg.
WLTC Holdings LLC has filed a de novo application with the Office of the Comptroller of the Currency to establish World Liberty Trust, a proposed national trust bank purpose-built for stablecoin services. World Liberty disclosed the filing in a statement issued Wednesday in New York. The news was first reported by the Wall Street Journal.
A de novo application seeks approval to create a new bank from the outset rather than acquiring an existing institution. Because the application is at an early stage, the outcome and timing of OCC review were not addressed in the available reporting.
WLTC Holdings LLC has filed a de novo application with the Office of the Comptroller of the Currency to establish World Liberty Trust, a proposed national trust bank purpose-built for stablecoin services. World Liberty disclosed the filing in a statement issued Wednesday in New York. The news was first reported by the Wall Street Journal.
A de novo application seeks approval to create a new bank from the outset rather than acquiring an existing institution. Because the application is at an early stage, the outcome and timing of OCC review were not addressed in the available reporting.
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