World Liberty Financial seeks national trust charter to back USD1 stablecoin

Beincrypto reports World Liberty Financial said its subsidiary WLTC Holdings LLC submitted a de novo application to the Office of the Comptroller of the Currency to form the World Liberty Trust Company, National Association (WLTC), a proposed national trust bank to expand USD1 stablecoin services.

The proposed WLTC would issue and redeem USD1 without fees at launch, offer fiat on- and off-ramps between US dollars and USD1 at no initial cost, and provide custody and conversion services for USD1 and select other stablecoins at market rates, the company said. World Liberty Financial stated WLTC will operate under full federal supervision and comply with the GENIUS Act, implementing AML, sanctions screening and cybersecurity standards while segregating customer assets, managing reserves independently and submitting to regular examinations.

Zach Witkoff, the proposed president and chairman, said, "USD1 grew faster in its first year than any other stablecoin in history, 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." Mack McCain, general counsel, is set to serve as Trust Officer and said, "The OCC has supervised trust activities for over a century.

Key Topics

Crypto, World Liberty Financial, Wltc Holdings, Occ, Genius Act, National Trust Charter