World Liberty Financial, through its holding company WLTC Holdings LLC, has submitted a national trust bank charter application to the Office of the Comptroller of the Currency (OCC) to establish the World Liberty Trust Company, National Association (WLTC).
If approved, the charter would allow WLTC to operate in the US as a national trust bank, providing federally-regulated issuance, redemption, custody and conversation services for the dollar-backed stablecoin USD1.
USD1 was launched through a partnership between World Liberty Financial and BitGo in March last year, and operating across 10 blockchain networks, supports enterprise clients with near-instant cross-border payments, tokenised settlement, and programmable payouts.
World Liberty Financial, a decentralised finance (DeFi) protocol and governance platform co-founded by US President Donald Trump, claims USD1 has surpassed $3.3 billion in circulation within its first year.
“USD1 grew faster in its first year than any other stablecoin in history,” comments Zach Witkoff, co-founder of World Liberty Financial. “Institutions are already using USD1 for cross-border payments, settlement, and treasury operations. A national trust charter will allow us to bring issuance, custody, and conversion together as a full-stack offering,” he continues.
