World Liberty Financial, a decentralized finance (DeFi) project linked to U.S. President Donald Trump’s family, has applied for a bank charter to tighten control of the USD1 stablecoin and accelerate institutional adoption, Cointelegraph reported on Wednesday.
World Liberty Financial subsidiary WLTC Holdings submitted an application to the U.S. Office of the Comptroller of the Currency (OCC). If approved, it could receive a conditional charter under terms similar to Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos.
USD1 is currently used for cross-border payments, settlement and treasury operations. If approval is granted, WLTC would be able to handle issuance, custody and foreign exchange in-house.
World Liberty CEO Zack Witkoff called it an essential step to strengthen reliability and self-reliance. He said it would provide financial services in a regulated environment through an OCC charter.
Chi-gyu Hwang
delight@d-today.co.kr