Trump Crypto Bank Gets UAE Royal Backer as OCC Approves World Liberty Trust Company
TLDR
- Sheikh Tahnoon bin Zayed Al Nahyan’s group reportedly holds a 49% stake in WLTC Holdings, the company behind World Liberty Financial’s planned US trust bank
- A Trump family-affiliated entity holds another 38% of WLTC Holdings
- The Office of the Comptroller of the Currency gave World Liberty Trust Company preliminary conditional approval on Aug. 14
- The bank would handle issuance, redemption, and custody of the USD1 stablecoin, currently a $4 billion market cap coin
- Democratic lawmakers have called for hearings over potential conflicts of interest in the deal
The UAE’s national security adviser, Sheikh Tahnoon bin Zayed Al Nahyan, and his co-investors reportedly hold the largest stake in the holding company behind World Liberty Financial’s proposed US trust bank, according to the Wall Street Journal.
Abu Dhabi Sheikh Tahnoon and Co-Investors Hold 49% Stake in World Liberty’s New Bank Holding Company
Sheikh Tahnoon bin Zayed al Nahyan, the UAE’s national security adviser, and co-investors hold a 49% stake in WLTC Holdings, the holding company for World Liberty Financial’s… pic.twitter.com/jZWVPbucVi
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