World Liberty Financial, a decentralized finance (DeFi) platform associated with US President Donald Trump and his family, has applied to become a bank.
The company filed documents with the U.S. Office of the Comptroller of the Currency (OCC) to form the World Liberty Trust Company. This entity consists of a proposed bank designed exclusively for stablecoin operations.
Once the application is approved, the license will enable the organization to issue USD1 with a banking license. It is a stablecoin backed by US government bonds, dollars, and other liquid assets It is part of the World Liberty Financial ecosystem.
The company plans to serve institutional customers such as crypto exchange platforms, market makers, and investment firms. The proposed organizational structure is designed to comply with current regulations, including the recent GENIUS Act signed by the President.
The proposed bank also Provides digital asset storage and stablecoin conversion services. This will allow holders of other assets to transfer directly to USD1.
This move towards banking regulation has increased the price of the WLFI token. The price of the crypto asset rose 20% last week, from $0.14 to $0.17.
As reported by CriptoNoticias, government authorities have already granted several licenses to companies in the crypto space. Allows a similar approach to start a bank. Previous examples include companies such as Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos.
the last stablecoin
