World Liberty Trust Co. Takes a Step into U.S. Banking

The U.S. federal banking regulator, the Office of the Comptroller of the Currency (OCC), has granted World Liberty Trust Co. a conditional bank charter. This will allow the company to offer USD1 stablecoin services to institutional clients nationwide. World Liberty plans to take over USD1 investments from BitGo Bank & Trust and provide digital asset custody services. The OCC stated that the company's application was reviewed for compliance with legal and regulatory requirements. However, the company has faced criticism from Democratic lawmakers due to its ties to former President Donald Trump. Final approval will only be granted after meeting additional preopening requirements. This development highlights the growing trend of crypto banks entering the U.S. financial system and the integration of digital assets into traditional banking. The U.S. regulatory approach to crypto banks will likely shape the future of such applications.