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The Office of the Comptroller of the Currency granted preliminary conditional approval Thursday for World Liberty Trust Company, National Association, a proposed trust bank that would take over issuance and custody of USD1, the dollar-pegged stablecoin tied to President Donald Trump's crypto venture, World Liberty Financial.
The regulatory path looks clear on the institutional merits.
The risk is the political architecture around it: the OCC placed conflict-of-interest questions outside its review's scope, and critics argue it should not have.
The proposed institution would be headquartered in Bay Harbor Islands, Florida, with Zachary Witkoff, a World Liberty co-founder, listed as organizer, director, and president.
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