According to the media, the Trans-Trump family-linked encryption finance project is receiving greater attention because of the equity structure and regulatory approval. The point of contention was that the single largest shareholder behind the banking entity that was to be responsible for stabilizing the USD1 issue and for ransom was not the Trump family, but the Sheikh Tahnon-related entity of the President of the United Arab Emirates, his brother and national security adviser.
OCC has given preliminary conditional approval.
It was reported, citing the United States Monetary Supervisory Authority (OCC) document, that on 14 August, World Liberty Trust Company obtained preliminary conditional approval from the Federal Trust Bank. It will be responsible for the issuance, foreclosure and reserve management of the USD1 and will provide hosting and stable currency exchange services to its clients if it completes its pre-opening requirements in the future.
According to the disclosure, the bank would not absorb the customer ' s deposits, would not make traditional loans or provide FDIC deposit insurance. It doesn't deal with WLFI governance tokens. At the same time, OCC is required to maintain at least $20 million in qualified capital at the time of its opening, and to complete such regulatory conditions as financial head and internal audit.
49 per cent of the United Arab Emirates entities concerned
Reports indicate that WLTC Holdings is the holding company of the proposed bank. Of these, the StringZ Holding RSC held 49 per cent, the largest single shareholder; the Tramp related entities held 38 per cent; and the rest were held by the co-founders of World Liberty Financial.
According to the article, the investors behind StringZ included Sheikh Tahnon and his co-investors. Tahnon is also a key control person for the Abu Dhabi AI investment platform G42. On this basis, it was reported that the transaction had been linked to the Government of Trump ' s easing of the export restrictions on the United Arab Emirates ' AI chip, and that the conflict of interest challenges had been further raised by the overlap.
USD1 has joined the 4th Stabilized Currency.
The USD1 came online in March 2025 at 1:1 anchor, with reserve assets including cash, United States Treasury bonds and government money market funds. According to the report, the stable currency is currently in circulation at over $4 billion, the fourth largest in terms of global market value.
In this process of growth, a large settlement transaction has received particular attention. In May 2025, the Abu Dhabi State Investment Agency, MGX, used USD1 to complete a $2 billion settlement with Binance. This has also led to a closer link between Abu Dhabi capital and that stable currency.
Parliamentarians are calling for a national security review.
It was reported that United States Senators Elizabeth Warren and Andy Kim had requested the United States Foreign Investment Commission to conduct a national security review of the arrangement. On the Democratic side, OCC's approval is called "manifest self-dealing."
According to the article, the dispute was not only about the Trump family ' s shareholding itself, but also about the approval of a financial entity with which the President ' s family had a direct financial relationship by a regulatory body appointed by the President. At the same time, Trump 2025 financial disclosure documents also indicated that its encryption-related income was more than $1.4 billion, with part of the proceeds coming from World Liberty financial equity and currency sales.
Additional information:According to reports, the Sheikh Tahnon side committed $500 million in January 2025 to the World Liberty Financial Fund, of which some $263 million has gone to the Tromp family-related entities.