Trump Family’s Crypto Firm Seeks U.S. Banking License

World Liberty Financial, the Trump family’s crypto venture, has filed an application with the Office of the Comptroller of the Currency to operate as a national trust bank. The move would allow the firm to issue and custody its stablecoin, USD1, under direct federal oversight.

Loading tweet...

— View original post

The application, submitted January 7, comes after USD1 reached more than $3.3 billion in circulation during its first year. Founders Donald Trump Jr., Eric Trump, Zachary Folkman, Chase Herro, Alex Witkoff, and Zach Witkoff are positioning the company to compete with established players like Circle and Coinbase, both of which secured limited OCC charters in late 2025.

World Liberty Financial plans to convert dollars into USD1 without fees, at least initially, while offering custody services for digital assets. The firm’s pitch is straightforward: institutions want a federally regulated stablecoin they can trust for settlement and treasury operations. Circle’s USDC already dominates much of that market, while Tether’s USDT remains the largest globally but operates outside U.S. regulation.

The Trump-backed venture faces hurdles. OCC approval is notoriously difficult, with crypto firms often waiting months or years for decisions. Public perception is another challenge. The Trump name brings visibility but also political baggage that could complicate adoption.

Still, the timing is notable. With U.S. regulators tightening their grip on stablecoins, WLFI’s application signals confidence that USD1 can meet reserve and compliance standards. If approved, the firm would become one of the few federally chartered crypto banks, giving it a foothold in mainstream finance.

For institutions, the appeal is clear: a dollar-pegged token backed by a regulated entity, offering faster settlement than traditional wires. For the Trump family, it’s a chance to anchor their brand in the financial system, not just the campaign trail.