OCC approves the charter of World Liberty Trust Federal Bank, and the issuance rights of USD1 stablecoin will be completed

According to CoinDesk, the Office of the Comptroller of the Currency (OCC) has granted a preliminary conditional federal banking charter to World Liberty Trust Company, allowing it to operate as a national trust bank and to succeed BitGo as the exclusive issuer and custodian of the USD1 stablecoin under World Liberty Financial, primarily serving institutional clients. Final approval still requires meeting additional pre-opening conditions.

Due to World Liberty's partial ownership being linked to the Trump family, this move has faced strong opposition from Democratic lawmakers. Senator Elizabeth Warren and others have announced plans to introduce the "Terminate President's Bank Corruption Act," which, if passed, would prohibit senior government officials from owning or controlling banks. Notably, World Liberty Trust does not intend to become a member of the Federal Deposit Insurance Corporation and is not seeking access to a Federal Reserve master account.