World Liberty Financial, a crypto platform associated with the Trump family, has filed an application for a national banking charter.
This move aims to boost institutional use of its USD1 stablecoin.
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The company has confirmed that its subsidiary, WLTC Holdings, filed the application with the Office of the Comptroller of the Currency. Obtaining this license would allow the company to internally manage the issuance, custody, and conversion of USD1, eliminating the reliance on external partners such as BitGo.
CEO Zach Witkoff said institutions are currently using USD1 for cross-border payments and treasury functions. He explained that obtaining the license would integrate these services into a single regulated platform, creating a comprehensive offering.