Trump family-backed crypto firm World Liberty gets conditional bank charter approval

Zach Witkoff, co-founder and CEO of World Liberty Financial and chairman of Alt5 Sigma Corp., right, and Eric Trump at the Nasdaq MarketSite in New York, Aug. 13, 2025.Adam Gray | Bloomberg | Getty ImagesA federal financial regulator has conditionally approved an application for a bank charter by an entity connected to World Liberty Financial, a crypto firm partially owned by President Donald Trump's family.The Office of the Comptroller of the Currency on Friday gave conditional approval to World Liberty Trust Company's application for a national trust bank, according to a letter posted on the OCC's website. The trust company is sponsored by World Liberty Financial, which says on its website it is 38% owned by "an entity affiliated with Donald J. Trump and certain of his family members."The banking charter will enable World Liberty to issue stablecoins, a type of cryptocurrency that is backed by safe reserve assets such as U.S. Treasurys and is convertible one-to-one into U.S. dollars. World Liberty currently relies on a third party, BitGo, for some stablecoin services. Bringing that in house could be lucrative.Read more CNBC politics and policy coverageThe charter application proc...