According to the Wall Street Journal, the United Arab Emirates national security adviser, Tahnon bin Zayed Al Nahyan, and his co-investor, are the main sources of funding behind the Transup family ' s proposed top external shareholders in the encryption bank project. This equity arrangement was a source of concern as soon as the project obtained the initial conditional approval of the United States Federal Bank licence.
49% Shares from related entities
The report cites documents stating that StringZ Holding RSC holds 49 per cent of the shares of WLTC Holdings, which is the holding company of the proposed bank of World Liberty Financial. Tahnon and his co-investors were cited as the financier behind StringZ.
Trump Associated Entities hold another 38% shares of WLTC Holdings. Under this structure, the Tahnon side is one of the most important shareholders in the holding company and has further deepened its financial links with the Trump family encryption business.
Previously voted for World Liberty
The report mentions that Takhnon and other investors had previously invested $500 million in World Liberty Financial in January 2025 and acquired 49 per cent of the company ' s shares. The deal took place during the month of Trump's second term.
According to Trump 2025 financial disclosure documents, approximately $263 million went to Trump related entities. CNBC has also previously reported that in the first year of its second term, Trump ' s business system received at least US$ 59.5 million in authorized income overseas.
License approval synchronized with USD1
The United States Monetary Supervisory Authority has granted initial conditional approval this month for World Liberty to establish a federally licensed national trust bank. If the subsequent conditions are met, the bank will be responsible for issuing, redeeming and hosting its United States dollar stabilization currency, USD1.
This means that the project has been extended from encryption to a federally supervised banking and stable currency infrastructure, and thus its equity structure, funding sources and external relations are subject to more intense scrutiny.
Cross-cutting with AI chip policy
Another background to the controversy is the fact that Tahnon is both an investment-related party and a senior official of the United Arab Emirates. At the same time, the Trump Government is taking a decision on the UAE ' s access to advanced U.S. AI chips.
The report mentions that the United States Government has approved the sale of chips to the United Arab Emirates State-owned AI company G42. G42 Controlled by Tahnon, the United States Government also eased last month the number of chips the company could buy.
World Liberty spokesman David Wachsman stated that the company was a private United States financial technology company, not a political organization, and that its trust company had an independent governance structure. He claimed that the company was unrepresented in the United States Government, that there was no conflict of interest and that no special treatment had been sought or obtained.