WLTC Holdings LLC, an entity of World Liberty Financial, has submitted 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 designed for institutional stablecoin operations.
The proposed WLTC aims to issue USD1, the dollar-backed stablecoin that has achieved over $3.3 billion in circulation within its inaugural year. The trust company intends to provide services to institutional clients, including cryptocurrency exchanges, market makers, and investment firms, alongside offering digital asset custody and stablecoin conversion services to facilitate movement into USD1.
Zach Witkoff, the proposed President and Chairman of World Liberty Trust Company, stated, “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 deliver three primary services under federal supervision: stablecoin issuance and redemption for USD1 with no fees at launch, on-ramp and off-ramp services for converting between U.
S. dollars and USD1 also without fees at launch, and secure custody for USD1 and other accepted stablecoins, with conversion services available at prevailing market rates.
The trust bank’s structure is designed to comply with the GENIUS Act. Its operations will incorporate rigorous Anti-Money Laundering (AML) and sanctions screening procedures, in addition to state-of-the-art cybersecurity protocols. Mack McCain, general counsel of World Liberty Financial, is slated to serve as trust officer for WLTC, overseeing its 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 by funds holding short-duration U.
S. Treasury obligations. The stablecoin functions across ten blockchain networks, including Ethereum, Solana, BNB Smart Chain, TRON, Aptos, and AB Core, facilitating near-instant cross-border payments, tokenized settlement, and programmable payouts for enterprise clients.
BitGo CEO Mike Belshe commented, “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.”
World Liberty Financial (WLFI) is described as a decentralized finance (DeFi) protocol and governance platform focused on transparent, accessible, and secure financial solutions, aiming to broaden access to DeFi tools.
