TechFlame News — The Office of the Comptroller of the Currency (OCC) on Friday granted preliminary conditional approval to World Liberty Trust Company, National Association, bringing Trump-backed World Liberty Financial one step closer to securing a national trust bank charter.

In its letter, the OCC said World Liberty's charter application met certain regulatory and policy requirements, warranting the preliminary conditional approval. However, this does not constitute final approval, and the OCC may still rescind it.

World Liberty Financial established a new trust company earlier this year with the aim of applying for a bank charter from the OCC. The company has previously stated that the charter would support its offering of services including stablecoin issuance and redemption, fiat on- and off-ramps, custody, and exchange. WLF currently issues the stablecoin USD1, which has a market cap of roughly $4 billion, making it the fourth-largest stablecoin behind Tether and USDC.

WLF CEO Zack Witkoff said on X on Friday that the company aims to build "the most trusted and widely used digital dollar in the world" while reinforcing the dollar's role in the global economy. Zack Witkoff is the son of Steve Witkoff, Trump's special envoy to the Middle East. Overall, the approval could further strengthen WLF's position in the U.S. stablecoin and digital asset banking infrastructure, though its political ties may continue to draw regulatory and ethical scrutiny.