Trump Crypto Empire Faces Scrutiny Over 49% Saudi Linked Stake in New Bank

Trump-linked crypto venture company, World Liberty Financial, is preparing to launch a federally chartered national trust bank after the Office of the Comptroller of the Currency granted preliminary conditional approval earlier this month. An entity linked to Sheikh Tahnoon bin Zayed al Nahyan and co-investors reportedly owns 49% of the holding company, the largest stake in that structure.

The proposed bank is intended to issue, redeem, and safeguard USD1, the dollar-backed stablecoin World Liberty launched last year. The venture links World Liberty’s stablecoin business to a proposed federally chartered trust bank.

The OCC’s action is preliminary and conditional rather than a final banking charter. According to the Journal, the approval concerns World Liberty Financial’s plan to launch a federally chartered national trust bank.

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