World Liberty Financial, described as a crypto project backed by the Trump family, has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency to pursue a national trust bank charter. The proposed entity would operate as World Liberty Trust Company, per ChainCatcher.

If the OCC grants final approval, the company would be able to issue and redeem the USD1 stablecoin, oversee its reserve assets, and offer digital asset custody services.

The move comes as U.S. bank charter approvals have accelerated, with OCC data showing 22 bank charter applications approved in the first 19 months of President Trump’s second term, more than in the prior five years combined, a period that included fintech and digital asset-related filings.

World Liberty Trust Company would not function as a traditional commercial bank and would not be permitted to accept FDIC-insured deposits or issue conventional loans.