The Office of the Comptroller of the Currency (OCC), the U.S. regulator that charters national banks, has cleared World Liberty Trust Company to issue and redeem USD1, the stablecoin linked to World Liberty Financial. The bank, owned by Delaware-based WLTC Holdings, must first raise capital and pass a final examination before opening. Its approval included passivity commitments, promises by major investors not to control bank decisions, from three entities, including investors reportedly linked to Sheikh Tahnoon bin Zayed al Nahyan and the Trump family. The OCC set a minimum of $20 million in tier 1 capital, with half required in liquid assets, while USD1 had a market value near $4.1 billion and ranked 24th among crypto assets. The bank plans to take over USD1 reserves currently managed by BitGo, allowing it to retain the resulting interest income. USD1 holders will not receive FDIC coverage because stablecoins are not deposits. The approval has drawn scrutiny from Senator Elizabeth Warren over national-security and conflict-of-interest concerns, while World Liberty says career OCC staff reviewed the application and the White House reportedly denies any conflict. The bank has 12 months to raise capital and 18 months from August 14 to begin business, subject to a final examination that may determine whether regulators focus on ownership or the investors' promises not to interfere.