World Liberty Financial’s WLTC Holdings Applies for National Trust Bank Charter
According to World Liberty Financial, World Liberty Trust filed a de novo OCC application on Jan. 7 to directly issue and custody USD1 and provide institutional crypto custody and stablecoin exchange services.
USD1
Fact Check
The statement is assessed as highly likely to be true. The evidence is led by a primary source: a direct press release from World Liberty Financial, the parent company, distributed via the reputable newswire service Business Wire. This is the most authoritative confirmation of a company's actions. The claim is independently corroborated by a news brief from the Associated Press (AP), a highly credible secondary source. The information is further echoed consistently across multiple other sources, including financial news aggregators and international media outlets. There is a complete absence of conflicting or contradictory evidence among the provided sources. The convergence of a direct company announcement and its widespread, consistent reporting by respected news agencies establishes the statement's veracity with a high degree of confidence.
Summary
According to World Liberty Financial’s official statement, World Liberty Trust filed a de novo application with the OCC on January 7. If approved, the proposed bank would directly issue and custody the USD1 stablecoin and offer crypto custody and stablecoin exchange services to institutional clients. Previously disclosed details indicate USD1 operates across 10 blockchains with circulation above $3.3 billion.
Terms & Concepts
- Stablecoin: A cryptocurrency pegged to a stable asset, such as fiat currency, to minimize price volatility.
- National Trust Bank Charter: A license granted by U.S. regulators allowing a financial institution to operate as a trust bank nationwide.
- Custody: The safeguarding and storage of financial assets, including cryptocurrencies, on behalf of clients.