World Liberty Financial gets OCC nod for USD1 bank

World Liberty Financial has received preliminary OCC approval to establish a national trust bank that would oversee more than $4 billion in USD1 stablecoin circulation. Summary World Liberty Trust must meet the OCC’s conditions before it can begin operations. The proposed bank would issue USD1, manage its reserves, and serve institutional custody clients. WLTC must maintain at least $20 million in eligible capital before opening. WLFI rose after the decision but remains down more than 60% over the past year. World Liberty Financial must meet OCC conditions The Office of the Comptroller of the Currency said on Aug. 14 that it had granted preliminary conditional approval for World Liberty Trust Company, National Association, or WLTC, after reviewing the proposed bank’s application and commitments. World Liberty Financial submitted the application through WLTC Holdings LLC in January. As crypto.news reported at the time, the proposed trust bank was designed to bring USD1 issuance, reserve management, and institutional custody under one federally supervised entity. Preliminary approval allows World Liberty Financial to organize the bank but does not authorize it to open. According to t...