TLDR:
- World Liberty Trust Company secured preliminary OCC approval for a national trust bank supporting USD1.
- USD1 has surpassed $4 billion in circulation as World Liberty advances its regulated banking structure.
- WLTC plans to manage USD1 issuance, reserves, redemptions, and institutional digital asset custody.
- The OCC approval remains conditional, and WLTC must satisfy chartering requirements before opening.
World Liberty Financial has secured preliminary conditional approval to organize a national trust bank for its USD1 stablecoin. The approval moves World Liberty Trust Company closer to operating under federal supervision.
The proposed bank would handle USD1 issuance, redemptions, reserve management, and institutional digital asset custody. USD1 now has more than $4 billion in circulation.
World Liberty Trust Company Gains Conditional OCC Approval
The Office of the Comptroller of the Currency granted the preliminary conditional approval as part of a multi-step chartering process. World Liberty Financial said the proposed bank will operate as a national trust bank after meeting the OCC’s requirements.
Before opening, WLTC must satisfy conditions outlined in the OCC approval letter and complete the remaining chartering steps.
Zach Witkoff, World Liberty Financial CEO, announced the approval on X. He described federal supervision as central to the bank’s model.
The company plans to combine USD1 issuance, reserve management, and custody within the federally supervised institution. WLTC will also separate customer assets and maintain independent reserve management, according to the company’s announcement.
The bank plans to conduct anti-money laundering and sanctions screening while undergoing regular OCC examinations.
Mack McCain will serve as chief trust officer. Former Hidden Road CFO Daniel Dietzel will become WLTC’s chief financial officer. World Liberty Financial said the structure will place reserve activity and fiduciary services within one regulated entity.
World Liberty Trust Company Board and USD1 Reserve Structure
WLTC will have a five-member board combining World Liberty Financial founders with independent directors. The board includes Zach Witkoff, Scott Alper, Robert Witkoff, Jeffrey Weiner, and Erin Baskett.
Weiner previously chaired Marcum LLP, while Baskett serves on the FINRA Board of Governors.
World Liberty Financial said USD1 reserves consist of U.S. dollar deposits, government money market funds, and cash equivalents. The company said USD1 has surpassed $4 billion in circulation since its launch, reflecting its current scale.
The stablecoin trades across major exchanges, including Binance, Coinbase, Kraken, Bybit, OKX, Bitget, Gate, KuCoin, Crypto.com, and MEXC.
USD1 also operates across decentralized exchanges, including Uniswap and PancakeSwap, according to the company.
The proposed trust bank would give World Liberty Financial a federally supervised structure for managing USD1 operations. The OCC approval remains conditional, meaning WLTC cannot begin operations until it completes the required steps.
World Liberty Financial said the bank will maintain institutional controls and regular regulatory oversight once it opens. The company also said independent directors will bring accounting, regulatory, and financial services experience to the board.
