The United States Monetary Supervisory Authority (OCC) stated on 14 August that it had issued a “preliminary conditional approval” to World Liberty Trust Co. in preparation for the establishment of a national trust bank. Companies still have to meet pre-establishment requirements before being formally authorized to do so, but have been granted regulatory permission to move the relevant business forward.
Business Focus USD1
The open letter indicates that the business focus of World Liberty Trust Co. will be around the USD1 stabilization currency of World Liberty Financial. The company plans to issue this French-supported stable currency to clients across the United States and to take over BitGo Bank & Trust's current role as the exclusive issuer and custodian of USD1.
In addition to stabilizing currency issuances, the company plans to provide digital asset hosting services as trustees, mainly for USD1 clients and other institutional clients. OCC states that this initial approval was based on a review of the application materials, company statements and commitments.
This January
Public information indicates that World Liberty applied for the license in January this year. As World Liberty was partly in the possession of United States President Trump, the application was opposed by some Democrats, focusing on the appointment by Trump of the head of federal regulatory bodies, including the OCC.
In a letter issued on Friday, OCC mentioned that these issues were also raised by the outside world at the public comment stage. The agency indicated that professional supervisors had reviewed the compliance of applications in accordance with legal and regulatory requirements.
- Status of ratification: initial conditional ratification
- Time of application: January 2026
- Operational focus: USD1 issuance and digital asset hosting
Do not absorb deposits or apply for Federal Reserve accounts
According to the OCC document, World Liberty Trust Co. does not intend to become a deposit institution covered by federal deposit insurance, nor does it intend to become a “bank” under the definition of the Bank Holdings Act. The document also states that the company did not plan to apply for the Fed ' s account.
This means that the company is located closer to the national trust bank, which focuses on services related to trust, trusteeship and currency stabilization, rather than commercial banks in the traditional sense.
Additional information:The OCC document also mentions that World Liberty Trust Co. will in the future take over from BitGo the exclusive distribution and hosting responsibilities of USD1, which will change the existing operating structure of the stable currency.