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The chatter allows WLTC to issue USD1, the dollar-backed stablecoin that topped $3.3 billion in circulation within a year.
The company plans to serve institutional customers, including cryptocurrency exchanges, market makers, and investment firms.
WLTC will also offer digital asset custody and stablecoin conversion services, enabling holders of other stablecoins to move into USD1.
World Libert Financial, the crypto conglomerate linked to the Trump family, has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish World Liberty Trust Company, National Association (WLTC), purpose-built for stablecoin operations.
If granted, WLTC will be able to issue USD1, the dollar-backed stablecoin that topped $3.3 billion in circulation within a year. The company will be able to mint and redeem USD1 with no fees at launch.
According to the press release on Wednesday evening, WLTC plans to serve institutional customers, including cryptocurrency exchanges, market makers, and investment firms. The company will also offer digital asset custody and stablecoin conversion services, enabling holders of other stablecoins to move into USD1.
“This application marks a further evolution of the World Liberty Financial ecosystem. USD1 grew faster in its first year than any other stablecoin in history,” said Zach Witkoff, the proposed President and Chairman of World Liberty Trust Company. “Institutions are already using USD1 for cross-border payments, settlement, and treasury operations. A national trust charter will allow us to bring issuance, custody, and conversion together as a full-stack offering under one highly regulated entity.”
The WLTC National Trust Bank will be structured to comply with the GENIUS Act, with operations following rigorous AML and sanctions screening, state-of-the-art cybersecurity protocols, the company said.
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