Trump-linked World Liberty Financial-connected firm applies for federal bank charter

Core Viewpoint - World Liberty Financial is seeking to establish a national charter for its proposed entity, World Liberty Trust Company, which aims to issue a stablecoin pegged to the U.S. dollar and provide related services [1][2][4]. Group 1: Company Overview - World Liberty Trust Company has applied for a national charter with the U.S. Office of the Comptroller of the Currency (OCC) to launch its operations [1][2]. - The proposed trust firm plans to issue the USD1 stablecoin, which is directly linked to the U.S. dollar, and will offer custody and conversion services for other stablecoins [2][3]. - The company is closely associated with former President Donald Trump, listing him as "co-founder emeritus," and includes his sons as co-founders [3]. Group 2: Regulatory Context - The OCC has previously granted charters to several crypto firms, allowing them to operate trust banks, including notable names like Circle and Ripple [4]. - Under the Trump administration, the OCC has shown a more favorable stance towards crypto-related services compared to the previous administration [5]. Group 3: Future Plans and Market Position - If approved, Zach Witkoff, co-founder of World Liberty, would assume the role of president and chairman of the trust company [6]. - The company claims that USD1 has experienced unprecedented growth in its first year, being utilized by institutions for various financial operations [7].