Donald Trump's cryptocurrency venture, World Liberty Financial, is reportedly on the verge of obtaining a national trust bank charter. The company, launched by Trump, real estate developer Steve Witkoff, and their sons, seeks this charter to enable its USD1 stablecoin to be issued more freely, potentially increasing transaction fees for the Trump family.
The application is under review by the Office of the Comptroller of the Currency (OCC), an agency whose leadership is appointed by the president. Critics argue that this process represents a significant conflict of interest, as an agency within the executive branch, controlled by the president, would be deciding the fate of a financial firm linked to him. Trump has stated he is no longer involved in the company's daily operations, while Witkoff has divested his stake.
World Liberty Financial was established a few months before the 2024 election. In the spring of 2025, an investment firm connected to the UAE's national security adviser reportedly purchased a 49 percent stake in the company for $2 billion. This stake was acquired just days before Trump's inauguration, netting the Trump family an estimated $187 million, according to a Wall Street Journal report. The USD1 stablecoin is designed to be backed one-to-one by reserves, meaning individuals deposit US dollars, and in return receive the virtual currency. World Liberty Financial can then invest these US dollars in Treasuries and retain the interest earned.
Obtaining the bank charter would allow World Liberty Financial to hold its own reserves and issue its cryptocurrency within the United States, reducing reliance on external exchanges and potentially increasing its own fees. This move would also place the company under federal regulation rather than state oversight, which critics suggest could make it harder for states to challenge its operations.
Consumer advocacy group Public Citizen has raised concerns about regulatory capture, a situation where business interests influence the agencies that oversee them. Zach Everson, research director for Public Citizen's Trump Accountability Project, described the charter application as "regulatory capture to the extreme." He noted that the potential for foreign government investment in a company linked to the president raises concerns similar to those about foreign emoluments during Trump's first term.
Financial gains have been significant for members of the Trump family. Forbes reported that Eric Trump's net worth reportedly increased from $40 million to $400 million, while Donald Trump Jr.'s went from $50 million to $300 million. Barron Trump's net worth is estimated at $150 million, with a substantial portion attributed to World Liberty Financial.