Trump crypto venture World Liberty applies for bank charter

Core Viewpoint - World Liberty Financial, co-founded by President Donald Trump, is applying for a national trust bank charter to expand its USD1 stablecoin operations [1][2]. Group 1: Company Developments - WLTC Holdings LLC has submitted a de novo application to the Office of the Comptroller of the Currency for establishing World Liberty Trust, a national trust bank focused on stablecoin services [2]. - World Liberty has raised funds through the sale of its WLFI token, which transitioned from a non-transferable governance token to a tradable asset [4]. - The USD1 stablecoin has a market capitalization of $3.4 billion, and if the charter is granted, it will enable World Liberty Trust to serve institutional clients and offer digital asset custody and stablecoin conversion services [4]. Group 2: Industry Context - The application for a bank charter by World Liberty is part of a broader trend among crypto firms seeking federal legitimacy while avoiding full regulatory obligations of national banks [3]. - Other crypto firms, including Coinbase, Ripple, Paxos, and BitGo, have also pursued bank charters, indicating a growing interest in regulatory frameworks for digital assets [3]. - The national trust charter aims to provide a federal framework for custody, reserve management, and fiduciary oversight, potentially enhancing institutional participation and consumer protections in the crypto space [5].