World Liberty Financial (WLFI), a stablecoin issuer involving U.S. President Donald Trump's family, has won conditional approval in the United States for its application to establish a bank.

CoinPost, a blockchain media outlet, reported on Tuesday that the company issues the dollar-pegged stablecoin USD1. It said it aims to broaden the scope of USD1's use through the approval.

The matter is drawing attention less for the bank licence itself than for the applicant and the policy environment. Among Democratic lawmakers, concerns have been raised that the licensing process for a company linked to the president's family could lead to preferential treatment. World Liberty Financial said after receiving conditional approval this month that the purpose of the approval is to expand USD1.

Recent licensing trends at the Office of the Comptroller of the Currency (OCC) are also adding fuel to the controversy. OCC figures show that in about 20 months since the Trump administration took office, the number of newly approved bank licences was 22, exceeding the cumulative total for the previous five years. Many of those approved were fintech firms and crypto-related companies.

Demand for bank licences in the digital asset industry is also evident at the review stage. OCC chief Jonathan Gould (조너선 굴드) said at the Wyoming Blockchain Symposium on Aug. 20 that about 60 percent of new bank charter applications include digital asset-related business plans. He said applications received in the 18 months since the Trump administration took office totalled 40, of which 23 included crypto-related businesses.

Gould also stressed the pace of growth. He said the number of applications increased eightfold compared with the four years of the Biden administration. He also said it is becoming common for applications under review to include payment stablecoins in their business plans. That shows bank licensing is being reshaped not only as a traditional finance area but also in conjunction with stablecoin payment infrastructure.

The schedule for stablecoin regulation is also taking shape. Gould said final rules tied to the Genius Act, which requires stablecoin issuers to hold 100 percent reserves, would be released by November. He said applications for issuer licences could likely be accepted from next year. The law was enacted in July 2025 and is set to take effect from January 2027.

The Genius Act requires annual audits for issuers with market capitalisation above $50 billion. By contrast, the outlook for the Clarity Act, which covers the broader crypto industry, is uncertain. That is because adjustments over President Trump's conflict-of-interest issue and how stablecoin rewards are treated are facing difficulties. Gould said, "I don't know when, or in what form, the Clarity Act will be established," and added, "What we have now is the Genius Act, and we have to implement it."

Against this backdrop, the focus of U.S. financial regulation appears to be shifting from comprehensive legislation to stablecoin rules that can be enforced first. As a result, World Liberty Financial's conditional approval is being read as a signal that, beyond an individual company licence, digital asset firms' entry into banking and the incorporation of stablecoins into the mainstream system are accelerating at the same time. Still, because the company includes one linked to the president's family, the licensing process and political disputes are likely to continue.