NEW YORK--(BUSINESS WIRE)--World Liberty Financial today announced that WLTC Holdings LLC filed a de novo application to the Office of the Comptroller of the Currency (OCC) to establish World Liberty Trust Company, National Association (WLTC), a proposed national trust bank purpose-built for stablecoin operations.
The charter will position WLTC to issue USD1, the dollar-backed stablecoin that has reached over $3.3 billion in circulation in its first year. The trust company plans to serve institutional customers, including cryptocurrency exchanges, market makers, and investment firms. WLTC will also offer digital asset custody and stablecoin conversion services, enabling holders of other stablecoins to move into USD1.
“This application marks a further evolution of the World Liberty Financial ecosystem. USD1 grew faster in its first year than any other stablecoin in history,” said Zach Witkoff, the proposed President and Chairman of World Liberty Trust Company. “Institutions are already using USD1 for cross-border payments, settlement, and treasury operations. A national trust charter will allow us to bring issuance, custody, and conversion together as a full-stack offering under one highly regulated entity."
WLTC plans to offer three core services under federal supervision:
- Stablecoin issuance and redemption: Minting and redeeming USD1 with no fees at launch
- On-ramp and off-ramp services: Converting between U.S. dollars and USD1 with no fees at launch
- Custody and conversion: Secure custody for USD1 and other accepted stablecoins, with conversion services at prevailing market rates
The trust bank will be structured to comply with the GENIUS Act. All operations will follow rigorous AML and sanctions screening, as well as be subject to state-of-the-art cybersecurity protocols. Mack McCain, general counsel of World Liberty Financial, will serve as trust officer for WLTC, overseeing fiduciary operations.
“The OCC has supervised trust activities for over a century,” said Mack McCain, the proposed trust officer of World Liberty Trust Company. “WLTC will operate under that same framework, with segregated customer assets, independent reserve management, and regular examination. That gives banks, asset managers, and corporations the regulatory clarity they need to further expand their use of USD1.”
USD1 is fully-backed by U.S. dollars held at regulated depository institutions and funds holding short-duration U.S. Treasury obligations. The stablecoin operates across ten blockchain networks including Ethereum, Solana, BNB Smart Chain, TRON, Aptos, and AB Core, supporting near-instant cross-border payments, tokenized settlement, and programmable payouts for enterprise customers.
BitGo CEO Mike Belshe said, "BitGo is proud to have supported USD1’s rapid growth to over $3.3 billion in its first year and looks forward to continuing as a key strategic partner as WLTC becomes fully operational and USD1 enters its next stage of growth.”
About World Liberty Financial
World Liberty Financial (WLFI) is a pioneering decentralized finance (DeFi) protocol and governance platform dedicated to empowering individuals through transparent, accessible, and secure financial solutions. Inspired by the vision of President Donald J. Trump, WLFI seeks to democratize access to DeFi by creating user-friendly tools that bring the benefits of decentralized finance to a broader audience. WLFI plans to be at the forefront of DeFi, offering an intuitive, robust platform that empowers users to participate actively in the financial future.
Contacts
Media Contact:
David Wachsman
wlfi@wachsman.com