The Office of the Comptroller of the Currency is preparing to approve a national trust bank charter for World Liberty Financial (WLFI), the issuer of the USD1 stablecoin, per reporting by Jeff Stein at NOTUS summarized by Bankless. OCC head Jonathan Gould, a Trump appointee, has signaled the decision is effectively a foregone conclusion, with former agency staffers describing a denial as “inconceivable”. (occ.gov)
If granted, WLFI would become the first major stablecoin issuer with a direct federal charter since Paxos and Anchorage, per the same NOTUS reporting via Bankless. The platform’s controlling ownership traces to the sitting U.S. president, per that same reporting.
Donald Trump holds a 70% stake in an LLC that controls 38% of the holding company owning WLFI, per NOTUS reporting via Bankless. He disclosed $57 million in personal earnings from the venture for 2024 alone, a figure the report notes has “likely grown considerably since then”.
WLFI’s spokesperson told NOTUS that Trump stepped back from operational roles upon taking office, that no WLFI employees hold government positions, and that charter approval would subject the firm to tighter regulatory scrutiny via mandatory OCC oversight and AML compliance. Critics argue the structural conflict remains, as the chartering authority (OCC) reports to the Treasury Department, which the president oversees, creating a novel governance challenge for federal banking regulators.
A national trust bank charter changes the operational topology of USD1 issuance and redemption. Currently, WLFI relies on custodial partner BitGo to hold reserves and manage the mint/burn cycle, per NOTUS reporting via Bankless. If approved, the charter would eliminate that dependency and allow WLFI to operate as a self-custodied trust bank under direct OCC supervision.
The charter would unlock four specific operational capabilities for WLFI, per NOTUS reporting via Bankless. Direct retail issuance would let WLFI mint USD1 to end users without routing through a third-party trust company. Internal settlement would let the platform net transactions on its own books, rather than relying on external custodians to process individual transfers.
An OCC examination regime would replace the patchwork of state money-transmitter licenses with mandatory safety-and-soundness exams, BSA/AML compliance, and capital requirements. Federal preemption would mean state licensing regimes no longer apply to the trust bank’s core activities, simplifying compliance across U.S. state jurisdictions.
| Issuer | Charter Status (per NOTUS reporting via Bankless) | Custody Model | Settlement Approach |
|---|---|---|---|
| WLFI (proposed) | Pending OCC National Trust Charter | Third-party custodian (BitGo) currently; self-custodied post-charter | External custodian processing currently; internal netting post-charter |
| Paxos, Anchorage | Existing OCC Trust Charters | Self-custodied | Internal + correspondent banking |
| Circle (USDC) | Pending OCC Trust Charter | Third-party custodians | Correspondent banking |
Source: NOTUS reporting via Bankless
Since Jonathan Gould took office as OCC head, the agency has greenlighted roughly a dozen crypto firms, compressing what were once two-year review cycles into a 120-day target, according to former OCC examiners cited in NOTUS reporting via Bankless. This pace aligns with the administration’s stated goal of making the U.S. the “crypto capital of the planet.”
It also raises questions about examination depth, as former OCC examiners note trust charters require capital adequacy, liquidity stress testing, and operational resilience standards that caught several early applicants off guard.
For builders seeking similar OCC trust charters, the regulatory door is open, but the bar for ongoing compliance is rising. Projects should prepare for a full BSA/AML program with independent testing, liquidity coverage ratio modeling for stablecoin redemption spikes, cybersecurity and third-party risk management frameworks examinable under OCC Bulletin 2023-16, and board composition requirements including independent directors.
On June 16, 2026, USD1 traded at $0.999888 and the WLFI governance token at $0.060088, per CoinDesk market data. Both assets held their peg and showed minimal volatility, suggesting the market had either priced in the charter or treats it as a structural non-event for secondary trading.
Separately, per Reuters reporting covered by Decrypt, Binance was rejected for an EU regulatory license, highlighting divergent global regulatory trajectories for crypto firms.
For teams building onramps, offramps, or programmable payment rails around USD1, the charter changes counterparty risk model in four concrete ways aligned with the operational capabilities outlined in NOTUS reporting via Bankless. First, WLFI will be able to issue USD1 directly to retail end users without routing through a third-party trust company. Second, the platform will net transactions on its own internal books, rather than relying on external custodians to process individual transfers.
Third, WLFI will be subject to mandatory OCC safety-and-soundness exams, BSA/AML compliance, and capital requirements, replacing the current patchwork of state money-transmitter licenses. Fourth, federal preemption will mean state licensing regimes no longer apply to WLFI’s core trust activities, simplifying compliance across U.S. jurisdictions. The immediate action item for integrators is to audit current USD1 integration workflows for custodial dependencies on BitGo, and map migration paths to direct WLFI infrastructure once the charter is finalized.
What is a national trust bank charter?
A federal charter granted by the OCC that allows a non-depository trust company to operate nationally with federal preemption over state licensing laws. It subjects the firm to OCC safety-and-soundness exams, BSA/AML requirements, and capital rules, per the OCC’s existing trust charter framework and NOTUS reporting via Bankless.
How does this differ from Paxos or Anchorage charters?
Paxos and Anchorage hold existing OCC trust charters, per NOTUS reporting via Bankless. WLFI would be the first major stablecoin issuer with a direct federal charter where the controlling ownership traces to a sitting U.S. president. The technical permissions — self-custody, internal settlement, direct retail issuance — are structurally similar to existing OCC trust charters.
Does the charter mean USD1 is “government-backed”?
No. The charter subjects WLFI to federal supervision and reserve requirements, per NOTUS reporting via Bankless. It does not create FDIC insurance or any sovereign guarantee for USD1 holders.
When will the charter be finalized?
NOTUS reporting indicates a decision is expected within weeks. The OCC has not published a formal timeline, per the same reporting.
What happens to BitGo’s role?
BitGo currently serves as custodian for USD1 reserves, per NOTUS reporting via Bankless. A trust charter would allow WLFI to self-custody reserves and manage mint/burn directly, though a transition period between the two custody models is likely.
The charter, if finalized, establishes a new reference architecture: a federally chartered entity with ownership ties to the sitting U.S. president issuing a dollar token with internal settlement and direct retail access. Whether that becomes a template or an outlier depends on how future administrations and courts treat the ownership structure. For now, the technical primitives for USD1 operations are shifting.
Bottom line: World Liberty Financial is on track to receive an OCC national trust charter within weeks, per NOTUS reporting via Bankless, which would make USD1 the first major stablecoin issued by a federally chartered entity with direct retail minting, internal settlement, and self-custodied reserves, while eliminating its current dependency on third-party custodian BitGo. Integrators should begin auditing existing USD1 workflows for BitGo custodial dependencies immediately to prepare for migration to direct WLFI infrastructure once the charter is finalized.
Sources
– NOTUS via Bankless: “Report: World Liberty Financial Slated to Receive Federal Banking Charter” — https://www.bankless.com/read/news/report-world-liberty-financial-slated-to-receive-federal-banking-charter
– CoinDesk Markets: “Hyperliquid, Uniswap, and Worldcoin Buck Crypto Slump as Traders Chase AI-DeFi Trends” (June 16, 2026) — https://www.coindesk.com/markets/2026/06/16/hyperliquid-uniswap-and-worldcoin-buck-crypto-slump-as-traders-chase-ai-defi-trends
– Decrypt (Reuters reporting): “Binance Rejected EU Regulatory License, Reuters Reports” — https://decrypt.co/371343/binance-rejected-eu-regulatory-license-reuters
– OCC Bulletin 2023-16: “Third-Party Risk Management” — https://www.occ.gov/news-issuances/bulletins/2023/bulletin-2023-16.html
