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Following
USD1 World Liberty Trust has received conditional approval from the OCC to establish the USD1 National Trust Bank
World Liberty Trust has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to form a national trust bank focusing on USD1 issuance and institutional custody. The proposed bank would replace BitGo as the exclusive issuer and institutional custodian of USD1 and be subject to federal supervision by the OCC.
WLTC will not apply for Federal Deposit Insurance Corporation (FDIC) insurance, Federal Reserve master accounts, nor will it apply to become a bank under the Bank Holding Company Act.
USD1 issuance and custody are unified into a single entity
This approval allows the World Liberty Trust Company and the National Association to continue to advance the subsequent licensing process. However, before WLTC is officially put into operation, it must meet the conditions set by the OCC and complete various preparations before opening.
World Liberty Financial said that WLTC will replace BitGo as the exclusive issuer and custodian of institutional customers for USD1. The company also plans to provide digital asset custody services to institutional customers nationwide.
According to Zach Witkoff, co-founder and CEO of World Liberty Financial, the company has received conditional approval to form WLTC. He said the bank would issue USD1 and provide custody services under OCC supervision.
World Liberty Financial said that USD1 in circulation has exceeded US$4 billion. The reserve assets of the stablecoin include US dollars deposited with financial institutions, government money market funds and cash equivalents.
The company said that WLTC will adopt mechanisms such as customer asset isolation, independent reserve management, anti-money laundering and sanctions screening. After opening, the bank will also be regularly inspected by the OCC.
Five-member board of directors will oversee the proposed National Trust Bank
WLTC will establish a five-member board of directors, chaired by Zach Witkoff. Scott Alper, President and Chief Investment Officer of Witkoff Group, will also join the board.
Robert Witkoff, former co-chief investment officer of Chubb Corporation, will join the board of directors. Jeffrey Weiner, former chairman and CEO of Marcum LLP, will serve as an independent director.
Erin Baskett, a member of the FINRA board of directors and founder of Sine Qua Non Capital, will also join as an independent director. Mack McCain will serve as chief trust officer and Daniel Dietzel will serve as chief financial officer.
World Liberty Trust does not intend to become a federally insured depositary institution, nor does it plan to apply for a Federal Reserve master account, or become a bank under the Bank Holding Company Act.
USD1 is currently available for trading on platforms such as Binance, Coinbase, Kraken, Bybit, OKX, Bitget, Gate, KuCoin, Crypto.com and MEXC, and is also available through decentralized exchanges such as Uniswap and PancakeSwap.
