The U.S. Office of the Comptroller of the Currency (OCC) on the 14th granted conditional preliminary approval to World Liberty Financial (WLF), a cryptocurrency venture involving President Trump’s family, to establish a national trust bank. Once final approval is secured, the company will be able to directly issue and redeem its proprietary stablecoin “USD1” and custody its own backing assets.

The approval covers the application by World Liberty Trust Company (WLTC), backed by WLF, to operate as a national trust bank. According to WLF’s website, 38% of the company’s equity is held by “entities associated with Donald J. Trump and certain members of his family.”

According to a letter published by the OCC, the approval carries multiple…