President Donald Trump‘s family is poised to own a federally chartered financial institution after a federal regulator appointed by him conditionally cleared World Liberty Trust Company, the issuer of the $4 billion USD1 stablecoin. The Office of the Comptroller of the Currency (OCC) published its national trust charter decision on Friday, paving the way for the firm to issue the token independently and manage its backing assets.
Regulatory Controversy and Ethical Concerns
The decision has ignited intense political debate. Donald Trump appointed Comptroller Jonathan Gould to lead the OCC last year. Since World Liberty Trust filed its application in early January, congressional Democrats have repeatedly warned that the approval constitutes a clear conflict of interest. In response, the agency emphasized in its official letter that career staff handled the review independently, and that Jonathan Gould fulfilled all his statutory and ethical obligations. Nonpolitical examiners are slated to supervise the bank once operations commence.
Financial Stakes and Trump Family Involvement
The financial magnitude of the venture underscores the mounting political pressure. According to Reuters estimates, Trump family earnings from USD1 could reach roughly $50 million through June 2026. Furthermore, World Liberty Financial had routed more than $1.6 billion to the president and his sons as of April. Leadership positions remain tightly knit within the Trump circle: Zach Witkoff, chief executive of World Liberty Financial and son of special envoy Steve Witkoff, is designated to chair the bank, alongside proposed directors Robert Witkoff and Scott Alper.
Implications for the USD1 Stablecoin
Currently trading near $1 with a market capitalization of approximately $4.02 billion, USD1 ranks 23rd among all crypto assets. While partner BitGo currently mints the token and safeguards its reserves, the new charter will bring these functions in-house. World Liberty will be authorized to issue and redeem USD1, manage dollar reserves and Treasury money market funds, and settle institutional payments under a single federal license. The OCC has imposed strict conditions, including a $20 million capital floor, prior notification for major business plan adjustments, and a designated internal audit manager, as industry competitors like Circle, Ripple, and Crypto.com navigate similar regulatory milestones.
