Timeline
- 8.5
OCC grants Trump-linked World Liberty conditional national trust bank charter
The U.S. Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval for World Liberty Trust Co. to operate as a national trust bank, clearing the way for it to take over issuance of the USD1 stablecoin from BitGo. Final approval remains contingent on meeting additional preopening requirements. This is a landmark regulatory development that places stablecoin issuance under direct federal banking oversight for the first time, setting a precedent for other token issuers. It also intensifies political scrutiny because of President Trump's ownership stake in World Liberty, and could reshape the competitive landscape of the stablecoin market. The OCC letter states that World Liberty Trust plans to issue USD1, a fiat-backed stablecoin, to institutional clients nationwide and provide digital asset custody as a fiduciary, primarily to USD1 customers. The company does not intend to become a federally insured depository institution, obtain a Federal Reserve master account, or be treated as a "bank" under the Bank Holding Company Act.
- 7.0
World Liberty Took $100M From Businessman in Money Laundering Probe
According to NYT via The Block, World Liberty Financial received $100 million from businessman Guren "Bobby" Zhou, who is under an active money laundering investigation by British officials as of late July. No charges have been filed against Zhou. This news adds to mounting concerns about World Liberty Financial's ties to individuals under legal scrutiny, potentially affecting its regulatory standing and public perception. It also underscores the broader debate over crypto projects accepting funds from politically sensitive sources. The investor, Guren "Bobby" Zhou, has not been charged, but British officials told the Times that the investigation remained active as of late July. World Liberty is a DeFi protocol launched in 2024 with ties to the Trump family, which receives 75% of net proceeds from token sales.