OCC Grants World Liberty Financial Preliminary Conditional Approval to Establish National Trust Bank for USD1 Stablecoin Operations

MIAMI--(BUSINESS WIRE)--World Liberty Financial today announced that the Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval to organize World Liberty Trust Company, National Association (WLTC), a de novo national trust bank purpose-built for stablecoin operations. WLTC would be organized by its sponsor, WLTC Holdings LLC.

Upon opening, WLTC will operate as a national trust bank under federal supervision, engaging in the issuance and redemption of USD1, management of the reserve backing USD1, and digital asset custody services for institutional customers. USD1, the dollar-backed stablecoin, has reached over $4 billion in circulation.

“USD1 grew because institutions trust how it operates, and confidence at enterprise scale deserves the backing of federal supervision,” said Zach Witkoff, President and Chairman of World Liberty Trust Company. “What makes a stablecoin trustworthy is the strength of the reserve behind it, and who stands accountable for it. A national trust bank brings USD1 issuance, custody, and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations. We welcome continuous scrutiny from Federal regulators for many years to come.”

OCC preliminary conditional approval is a milestone in a multi-step chartering process. Before commencing operations, WLTC must satisfy the specific conditions set out in the OCC's approval letter and complete the steps required for the bank to open.

WLTC will be governed by a five-member board that pairs founders of World Liberty Financial with independent directors drawn from accounting, regulatory, and financial services:

• Zach Witkoff (Chair), co-founder and CEO of World Liberty Financial
• Scott Alper, President and Chief Investment Officer of Witkoff Group
• Robert Witkoff, former Co-Chief Investment Officer of The Chubb Corporation, with three decades of investment management experience
• Jeffrey Weiner (Independent Director), former Chairman and CEO of Marcum LLP, one of the largest U.S. accounting and advisory firms
• Erin Baskett (Independent Director), member of the FINRA Board of Governors and founder of brokerage firm Sine Qua Non Capital

WLTC is being organized to operate under federal supervision, with segregated customer assets, independent reserve management, AML and sanctions screening, and regular OCC examination. Mack McCain will serve as Chief Trust Officer, overseeing fiduciary operations upon opening. Daniel Dietzel, the former CFO of institutional prime broker Hidden Road, will serve as WLTC’s Chief Financial Officer.

USD1 is backed by U.S. dollars on deposit at financial institutions, U.S. government money market funds, and cash equivalents. USD1 is available through leading exchanges including Binance, Coinbase, Kraken, Bybit, OKX, Bitget, Gate, KuCoin, Crypto.com, and MEXC, as well as decentralized exchanges such as Uniswap and PancakeSwap.

About World Liberty Financial

World Liberty Financial (WLFI) is a pioneering decentralized finance (DeFi) protocol and governance platform dedicated to empowering individuals through transparent, accessible, and secure financial solutions. Inspired by the vision of President Donald J. Trump, WLFI seeks to democratize access to DeFi by creating user-friendly tools that bring the benefits of decentralized finance to a broader audience. WLFI plans to be at the forefront of DeFi, offering an intuitive, robust platform that empowers users to participate actively in the financial future.