WASHINGTON, DC — World Liberty Financial (WLF), a cryptocurrency firm founded and run by members of President Donald Trump’s family, announced Wednesday that it has applied for a national trust bank charter from the Office of the Comptroller of the Currency, a move that would significantly expand its role in the digital finance system.
In a press release, WLF said the charter would allow it to offer custodial banking services and gain access to national payment networks while remaining under OCC supervision. The company said the approval would also support wider distribution of its dollar-pegged stablecoin, WLF1, which launched last year. Stablecoins are designed to maintain a fixed value by being backed with reserve assets, distinguishing them from more volatile cryptocurrencies such as bitcoin.
Zach Witkoff, a WLF co-founder and the son of U.S. Middle East envoy Steve Witkoff, said institutions are already using the stablecoin for cross-border payments and settlement activity. He argued that a national trust charter would allow the company to consolidate issuance, custody, and conversion services within a single regulated structure. Unlike a full national bank charter, a trust charter does not permit traditional consumer banking but still subjects the firm to federal oversight.
The application arrives amid ongoing scrutiny over potential conflicts of interest between the Trump administration’s aggressive pro-crypto posture and the president’s family business ties. Critics have pointed to a $2 billion transaction involving WLF’s stablecoin and President Trump’s decision to pardon Binance founder Changpeng Zhao as raising ethical concerns. Both the company and the White House maintain that the president has no involvement in WLF’s operations.
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