U.S. political media NOTUS reported on June 16 that World Liberty Financial (WLFI), a cryptocurrency project backed by the Trump family, is expected to soon receive approval from the U.S. Office of the Comptroller of the Currency (OCC), officially becoming a "national trust bank." Reuters estimates that since Trump began his second term, the Trump family has profited more than $2.3 billion through four cryptocurrency projects, with WLFI contributing the most.
WLFI's business capabilities for applying to the OCC for a national trust bank license, and prior precedents in the same category
WLFI established a trust company in the U.S. in January 2026, then submitted an application to the OCC. Previously, crypto companies that had already received conditional OCC approval for national trust bank licenses include Circle, Ripple, and BitGo.
If WLFI obtains the license, it will gain the following business capabilities: issuing and redeeming a USD1 stablecoin on its own; managing stablecoin reserve assets; providing digital asset custody services; and executing fiat-to-crypto exchanges and settlements. This move would allow WLFI to bypass the current intermediary BitGo and issue stablecoins directly to U.S. consumers.
WLFI token revenue structure and its direct link to benefits for the Trump family
According to WLFI's public disclosure documents, up to 75% of proceeds from the sale of the project's native token, WLFI, will go to "DT Marks DEFI LLC," a company controlled by Trump. WLFI is a project jointly founded by members of the Trump family several months before the 2024 U.S. presidential election.
Reuters estimates that since the start of Trump's second term, the Trump family has earned more than $2.3 billion through four cryptocurrency projects, with WLFI accounting for the largest share.
Recorded questions at U.S. Congress and OCC hearings
Earlier this year, the U.S. House of Representatives launched an investigation into WLFI's USD1 stablecoin, focusing on potential conflicts of interest and national security risks. Triggers include a $500 million investment by the UAE in WLFI, and a $2 billion transaction related to Binance; the timing of these transactions overlaps closely with the U.S. approval of AI chip exports.
At a Senate Banking Committee hearing in February 2026, Democratic Senator Elizabeth Warren questioned OCC Comptroller Jonathan Gould, urging him to reject or delay WLFI's application, and warning: "Once you approve this application, you will go from being on Trump's cheerleading squad to a co-conspirator in his corrupt actions."
The White House responded that Trump's assets are managed by a trust, handled by his children, and there is no conflict of interest.
Frequently asked questions
After WLFI obtains a national trust bank license, how would the USD1 stablecoin issuance mechanism change?
According to reports, currently WLFI issues USD1 through BitGo as an intermediary. After obtaining an OCC national trust bank license, WLFI would be able to bypass BitGo, issue and redeem USD1 directly on its own, and manage its own stablecoin reserve assets and digital asset custody services, without relying on third-party financial institutions.
How reliable is the claim in NOTUS's report that it is "almost a done deal"?
According to NOTUS's report, the claim comes from two unnamed former OCC employees, not current officials or an official statement from the OCC. OCC Comptroller Jonathan Gould has not officially announced the result. The report is of the nature of "rumors" and "sources say," and the final outcome still awaits the OCC's official announcement.
How does the White House respond to outside accusations of conflicts of interest involving the Trump family?
The White House said Trump's assets are managed by a trust and handled by his children, and there is no conflict of interest. The Democratic side's criticism and congressional investigation are still ongoing, and there is no consensus between the two sides.
