World Liberty Financial, founded by the Trump family, is seeking a national trust banking charter to promote institutional adoption of their USD1 stablecoin. The charter would allow them to issue, custody, and convert the stablecoin in-house, streamlining operations and reducing reliance on third-party providers like BitGo.

The OCC granted conditional approvals for banking charters to five fintech companies in December, including Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos. This move signals a shift towards integrating crypto services into traditional finance. The OCC believes new entrants will benefit consumers, the banking industry, and the economy by providing access to new products and services.

World Liberty’s banking charter could face increased scrutiny due to concerns about potential conflicts of interest involving President Trump and his ties to the company. Trump is listed as a co-founder alongside his sons, and he has been criticized for his pardoning of Binance founder Changpeng Zhao, who reportedly had dealings with the Trumps’ platform. World Liberty claims to have structured the company to avoid conflicts of interest.

Institutions are already using USD1 for various financial operations, and a national trust charter would allow World Liberty Financial to offer a full-stack solution for issuance, custody, and conversion of stablecoins. This move aims to modernize the banking system and facilitate seamless transactions between US dollars and USD1, ultimately driving institutional adoption of the stablecoin.

Read more at cointelegraph.com: Trump’s World Liberty Financial Seeks Bank Charter for USD1