WLFI seeks national trust bank charter to expand stablecoin operations

Beincrypto reports World Liberty Financial announced that its affiliate, WLTC Holdings LLC, has submitted a de novo application to the Office of the Comptroller of the Currency to establish the World Liberty Trust Company, National Association, a national trust bank with a primary focus on stablecoin-related activities; the move joins applications from firms including Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos.

Trust banks generally cannot take deposits or make loans, and WLFI said WLTC would operate under full federal supervision and comply with the GENIUS Act, implementing strict AML, sanctions screening, and cybersecurity standards. The company said customer assets would be segregated, reserves independently managed, and operations subject to regular examinations, and that Mack McCain, General Counsel of World Liberty Financial, is set to serve as Trust Officer.

Banking industry groups have pushed back, warning these charters could let crypto firms gain bank-like status without full capital, liquidity, and risk-management safeguards and create regulatory arbitrage.

Key Topics

Crypto, World Liberty Financial, Wltc Holdings, Occ, Stablecoins, Genius Act