World Liberty Financial (WLF) moved to fold issuance and custody of its USD1 stablecoin under a federally regulated entity by filing a de novo application with the Office of the Comptroller of the Currency (OCC).
WLTC Holdings LLC submitted the application to establish World Liberty Trust Company, National Association, a federally regulated trust bank designed to issue, custody and manage USD1. The proposed charter would permit WLF to operate a “full-stack” stablecoin service—combining issuance, custody and conversion under one regulated roof—rather than relying on external partners for critical functions. BitGo currently manages USD1’s reserves, the company indicated.
USD1 launched in march 2025 and is presented as a fiat-backed coin pegged 1:1 to the U.S. dollar. Reserves are described as fully collateralized with U.S. cash, cash equivalents and short-maturity U.S. Treasury bonds.
By january USD1’s circulation exceeded $3.3 billion in its first year and it achieved listings on multiple cryptocurrency exchanges while operating across ten blockchains to support cross-border payments, tokenized settlements and programmable payouts for enterprise clients.
Governance, market traction and regulatory weight
The Trump family’s financial ties to WLF are prominent in the company’s narrative. Affiliates of Donald J. Trump and family members reportedly hold a substantial equity stake—some reports indicate around 60%—a fact that has attracted scrutiny over potential conflicts of interest and governance. Observers noted the timing is sensitive given the Trump administration’s earlier crypto-friendly posture; the application is now subject to federal review.
The OCC has only occasionally granted trust charters to crypto-native firms, so approval would mark a significant regulatory endorsement and reshape USD1’s operational model. If approved, the charter would allow WLF to internalize reserve management and settlement flows, which could lower operational friction and shorten product release cycles.
Approval could accelerate USD1 adoption by embedding the stablecoin in a federally supervised framework; a denial or extended review could instead heighten regulatory and market scrutiny, with immediate implications for exchange listings and institutional counterparties.
