Trump WLF applies for a US banking license! If approved, it will independently issue, custody, and convert USD1 stablecoin.

The Trump Family WLF Applies for Federal Trust Bank, Plans to Issue and Custody USD1 Stablecoin Independently, and Seeks Access to the Federal Reserve Payment System, Raising Conflict of Interest Concerns.

Trump Family WLF Platform Applies for Federal Bank License

Supported by the Trump family, the cryptocurrency platform World Liberty Financial (WLF) announced earlier today (1/8) in Taiwan time that it has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a nationwide trust bank called “World Liberty Trust Company.”

WLF’s goal is to bring the issuance, custody, and transfer of the USD1 stablecoin under internal management, no longer relying solely on third-party providers like BitGo.

If approved, WLF Trust Bank will offer USD1 minting and redemption services with no fees, support direct conversion between USD and USD1, and provide digital asset custody services for institutional clients.

Image source: WLF official press release Trump Family WLF Platform Announces Application for Federal Bank License

U.S. OCC Turns Favorable, Issues 5 Cryptocurrency Licenses

Since Trump took office, U.S. regulators have shown a clear shift in attitude toward integrating cryptocurrencies into the traditional financial system.

In December last year, the OCC granted conditional bank charters to five companies: Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos.

OCC Director Jonathan Gould stated at the time that new entrants into the federal banking system benefit consumers, the banking industry, and the overall economy, not only by providing new products and credit sources but also by ensuring the banking system remains dynamic, competitive, and diverse.

Related report:
Ripple and Four Other Companies Approved! Obtain U.S. National Trust Bank Licenses, Cryptocurrency Enters Federal Financial System

WLF Seeks to Simplify Main Accounts with the Federal Reserve, Traditional Banks Worry About Financial Stability

WLF’s ambitions go beyond just obtaining a trust license; it aims to further integrate into the core financial system.

Joining many digital asset companies, WLF is seeking regulatory approval to ultimately obtain a “simplified main account” with the Federal Reserve. Such accounts would allow crypto companies limited access to the Fed’s payment system, seen as a key step for digital assets to mainstream.

The Federal Reserve has recently solicited opinions on the concept of opening simplified main accounts, but traditional banks have expressed concerns, believing that granting such permissions to crypto companies could pose risks to overall financial stability.

Related report:
Federal Reserve Proposes Simplified Main Accounts! Crypto Institutions May Gain “Limited” Access to Fed Payment System

WLF’s Interests Raise Concerns, Trump Family Under Scrutiny

As WLF rapidly expands its business, its close ties to the Trump administration have triggered strict scrutiny from legislators and public opinion.

President Trump and his son announced the formation of WLF in September 2024, and launched the stablecoin in March 2025. Additionally, a $2 billion investment deal was reached between the cryptocurrency exchange Binance and UAE investment firm MGX, involving the use of WLF stablecoin, which the New York Times questioned as potentially involving conflicts of interest.

Related report:
Trump’s Son: My Dad is the First to Not Profit from His Presidency, Responding to Binance and MGX Investment Concerns

Furthermore, Trump previously pardoned Binance founder Zhao Changpeng (CZ), raising questions about potential quid pro quo. Although WLF claims the Trump family does not participate in daily operations, the complex political and commercial connections involved in the bank license application will likely face stricter scrutiny.