Trump's family has received preliminary approval to establish its own bank
Kyiv • UNN
World Liberty Financial plans to establish a bank to expand the USD1 stablecoin. Final approval depends on the regulator's requirements.
U.S. President Donald Trump’s family and its partners have received preliminary approval from the American regulator to establish World Liberty Financial bank. Bloomberg reports this, according to UNN.
Details
The bank’s creation comes amid a sharp simplification of the procedure for obtaining banking licenses in the United States. During the first 19 months of Trump’s second presidential term, the Office of the Comptroller of the Currency approved 22 new bank charters—more than in the previous five years combined.
World Liberty Financial plans to use the bank to expand its USD1 stablecoin. Having its own bank will allow the company to hold the stablecoin’s reserve assets and potentially reduce costs. At the same time, congressional Democrats have expressed concern about a possible conflict of interest between the president, his family, and regulators.
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To obtain final approval, World Liberty must meet a number of requirements, including those concerning capital, management, and an independent audit. Three of the company’s investors, including Trump’s son and a businessman linked to the Abu Dhabi royal family, have agreed to limit their influence over the bank’s management.
The decision regarding World Liberty has become part of a broader wave of new bank formations in the United States. Around 40 companies have applied for bank charters since the beginning of 2025, and a significant proportion of the new applicants operate in fintech and digital assets.
At the same time, experts warn of the risks of accelerated deregulation, particularly in the cryptocurrency sector. Critics fear that the close integration of stablecoins with the banking system could give customers a false impression of government guarantees for such digital assets.