Trump family WLFI reportedly to receive a "National Trust Bank" license! Former OCC official says it's hard to dismiss

Trump Family's Crypto Project World Liberty Financial (WLFI) Rumored to Obtain U.S. National Trust Bank License.
Jonathan Gould, the Director of the U.S. Office of the Comptroller of the Currency (OCC) appointed by Trump, is about to announce the decision, with industry insiders and congressional staff generally expecting approval. Two former OCC officials even outright said rejecting this application would be "hard to imagine."
(Background: Trump family WLFI applying for U.S. national trust bank license to issue stablecoin USD1 independently)
(Additional context: USD1 listed on Coinbase, will the stablecoin issued by Trump family WLFI change the market?)

Key Summary

• WLFI's subsidiary, World Liberty Trust Company, is rumored to be approved for the national trust bank license
• OCC Director Jonathan Gould is about to announce, with former officials saying rejection is "hard to imagine"; since taking office, he has approved over ten crypto companies
• Once licensed, USD1 can be issued and redeemed directly to retail investors without intermediaries like BitGo, and can operate like PayPal’s internal platform fee structure

Trump family’s crypto project has gone deeper into the banking system. According to NOTUS, WLFI, co-founded by the Trump family, is about to be approved for the U.S. "National Trust Bank" license.

The OCC, the federal agency responsible for chartering and supervising nationwide banks, led by Director Jonathan Gould, is about to announce the decision. Industry experts and congressional staff generally believe the outcome will favor the Trump family. The regulatory agency, appointed by the Trump administration, is about to approve a bank owned by the Trump family, which feels very sensitive.

Former Official: Hard to Imagine

WLFI filed on January 5 this year through its subsidiary, World Liberty Trust Company (WLTC), to establish a national trust bank dedicated to stablecoin operations. Two anonymous former OCC officials, fearing retaliation, revealed that this application is almost certain to be approved.

(OCC) rejecting this application would be hard to imagine.

There are many precedents. Since Gould took office, he has approved about ten crypto companies and has compressed the review process from two years to a target of 120 days. Whether WLFI will pass is not much in doubt.

Once licensed, USD1 can bypass intermediaries

For WLFI, this license is very practical. Currently, its USD1 stablecoin relies on third-party custodians like BitGo for issuance and custody. Once WLTC becomes a national trust bank, WLFI can issue and redeem USD1 directly to retail investors, without going through intermediaries. The three core services planned by WLTC revolve around stablecoins:

• Issuance and redemption of stablecoins
• Fiat on-ramp and off-ramp
• Asset custody and exchange

More importantly, it can settle transactions internally on its platform, earning fees like PayPal. In other words, WLFI’s goal is not just the right to issue tokens but a full cash flow package covering issuance, custody, and settlement. The proposed bank president and chairman is WLFI co-founder Zack Witkoff; entities related to Trump and his family hold about 38% of WLFI’s shares.

Opposition voices have also erupted. For example, Democratic Senator Elizabeth Warren has called for OCC to delay the review, citing conflicts of interest and national security concerns. Banking industry groups have also opposed. WLFI launched in October 2024, with USD1 introduced in March last year, and its market cap has already exceeded $3.3 billion. A family crypto company less than two years old, about to hold a federal bank license—truly Trump-level speed.

Frequently Asked Questions

What license is World Liberty Financial applying for?

It is the U.S. "National Trust Bank" license, filed by subsidiary World Liberty Trust Company in January 2026. Once approved, it can independently issue and custody stablecoins USD1 without relying on third-party intermediaries like BitGo.

Why does this raise concerns about conflicts of interest?

Because the OCC, responsible for review, is under the Trump administration, with Director Gould appointed by Trump, and the applicant is a company in which the Trump family holds about 38%. Senator Elizabeth Warren has called for delaying the review, citing conflicts of interest and national security concerns.