World Liberty Financial, a cryptocurrency firm backed by the family of Donald Trump, said its subsidiary WLTC Holdings has applied to US banking regulators to launch a national trust bank focused on stablecoin operations.

The unit filed a “de novo” application with the Office of the Comptroller of the Currency (OCC) to establish a bank that would issue and hold USD1, a dollar-backed stablecoin launched last year.

World Liberty said USD1 has reached over US$3.3 billion in circulation in its first year.

The planned trust bank would handle issuing, redeeming, and storing stablecoins and other digital assets, and offer free conversion between US dollars and USD1 at launch.

World Liberty said the bank would comply with the GENIUS Act, a new federal law regulating stablecoins.

🔗 Source: Reuters

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