The U.S. Office of the Comptroller of the Currency has granted preliminary conditional approval for organizers to establish World Liberty Trust Company, National Association in Bay Harbor Islands, Florida. The proposed limited-purpose national trust bank would take over issuance, redemption and reserve management of the USD1 stablecoin from BitGo Bank & Trust, which currently serves as the exclusive issuer and custodian.
The OCC stressed that no banking activities may begin until organizers meet preopening requirements, pass an OCC examination and receive final approval. World Liberty Trust would issue and redeem USD1 for U.S. institutional clients, maintain reserve assets, provide fiduciary digital-asset custody, and convert approved stablecoins already held in custody into USD1. Issuance and redemption are expected to be fee-free at launch. The trust would not accept insured deposits or handle WLFI tokens, and it has no current intention of seeking a Federal Reserve master account.
The organizers must raise at least $20 million in tier 1 capital within 12 months, with a deadline in August 2027, and open the bank within 18 months, by February 2028, unless the OCC extends the timeline. At least 60 days before opening, they must confirm conditions and request a preopening examination. Additional liquidity requirements include holding the greater of 50% of tier 1 capital or $10 million in eligible liquid assets, plus a buffer covering 180 days of operating expenses. Capital and liquidity conditions remain in place for three years, and the bank must comply with the GENIUS Act and future implementing rules.
BitGo remains issuer and custodian until final approval. The OCC also noted that seven comments from four commenters raised concerns about WLFI purchases, foreign investment and potential conflicts involving President Donald Trump and the Witkoff family. However, career staff reviewed the application under established procedures, and the approval includes passivity commitments from three indirect investors, including DT Marks SC LLC, which Eric F. Trump signed as president. The charter would change who issues and safeguards USD1, but would not make USD1 a federally insured deposit.
