Eric Trump Posts Bald Eagle Emoji After World Liberty Financial Applies For National Trust Bank Charter
President Donald Trump-backed World Liberty Financial announced Wednesday that it has applied for a U.S. national banking license to issue and custody its dollar-pegged World Liberty Financial USD (USD1) stablecoin.
A Federally-Regulated Stablecoin Bank?
The decentralized finance platform stated that its subsidiary, WLTC Holdings LLC, applied to the Office of the Comptroller of the Currency to establish World Liberty Trust Company, National Association, a banking entity designed for stablecoin operations.
The proposed trust company is designed to serve institutional clients, including cryptocurrency exchanges, market makers and investment firms. Besides issuing and redeeming the $2.8 billion-valued USD1, the trust will also provide digital asset custody and stablecoin conversion services, enabling holders of other stablecoins to convert into USD1.
The trust bank will be structured to comply with the GENIUS Act as well …
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