Trump family's World Liberty crypto venture applies for US banking licence

The Trump family's World Liberty Financial (WLF) has applied for a US banking license to strengthen its position in the crypto market. Co-founded by Donald Trump's sons, the venture seeks a national bank trust charter from the Office of the Comptroller of the Currency.

Zach Witkoff stated, "A national trust charter will allow us to bring issuance, custody and conversion together as a full-stack offering under one highly regulated entity."

This would enable WLF to manage its stablecoin, USD1, and operate under a single regulator, simplifying compliance with new legislation on stablecoins. WLF's market value is about $3.3 billion, with Trump reportedly earning $57.3 million from the venture in 2024.