World Liberty Financial, a crypto project linked to the Trump family, is trying to get official banking status in the US. The company wants permission to run a national trust bank that is specially designed for stablecoins.
The goal is simple. World Liberty wants to handle everything related to its stablecoin USD1 under one roof. That includes creating new USD1 tokens, keeping them safe, and converting them to and from other assets.
On January 7, the company confirmed that it has filed an application with the Office of the Comptroller of the Currency. This is the main US regulator that oversees national banks. If approved, the new entity would be called World Liberty Trust Company.
The CEO of World Liberty, Zach Witkoff, said that big institutions are already using USD1. They use it for sending money across borders, settling payments, and managing company funds. A national trust charter would let World Liberty offer all these services through one highly regulated platform.
If approved, the bank would serve large clients like crypto exchanges, trading firms, and investment companies. These clients would be able to store digital assets safely and easily convert other stablecoins into USD1.
One major benefit would be free minting and redemption. That means users could create or cash out USD1 without paying extra fees.
The company also says the new bank would fully comply with the GENIUS Act. This law was signed by President Donald Trump in July last year. It sets clear federal rules for stablecoin issuers in the US.
World Liberty has promised strict anti money laundering checks, sanctions screening, and strong cybersecurity systems.
This move shows that the project wants to push USD1 into both institutional and everyday use. Right now, USD1 has a market value of about $3.38 billion.
USD1 launched in early 2025 and has grown fast. It is now the sixth largest stablecoin in the market. Daily trading volume is over $2.4 billion.
The team has been actively trying to increase adoption. One plan includes launching a crypto debit card that can be used with Apple Pay.
USD1 has also expanded beyond its original blockchains. It started on Ethereum and BNB Chain and now runs on Solana, TRON, Aptos, and AB Core.
Last month, the team suggested using 5% of its treasury funds to partner with major centralized and decentralized finance platforms. The idea was to speed up growth and visibility.
The community reaction was not fully positive. Many voters rejected the proposal. They said the plan lacked clarity and transparency.
At the same time, US regulators are becoming more open to crypto banks. The OCC has already given conditional approval to several crypto focused firms. These include Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos.
So far, only Anchorage Digital Bank has received a full national trust bank charter.
If World Liberty gets the same approval, it could cause serious controversy. Lawmakers and regulators may closely question the decision.
Because of the project’s ties to the Trump family, any approval would likely face intense scrutiny. Critics may raise concerns about political influence and conflicts of interest.
