Trump-Linked Stablecoin Dreams of Banking Glory – Will OCC Bite? 🏦💸

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Ah, World Liberty Financial-yes, that crypto firm with the golden Trumpian touch-has decided, in a fit of bureaucratic ambition, to throw its hat into the ring of national trust banking. WLTC Holdings LLC, its corporate spawn, has submitted paperwork so thick it could double as a doorstop, all in pursuit of the noble right to issue and babysit its USD1 stablecoin. 🏛️

And why not? The USD1 stablecoin, that plucky little digital dollar pretender, has ballooned to a staggering $3.38 billion in circulation in just one year-a feat so impressive, one might suspect it was inflated by sheer enthusiasm alone. Now, the firm seeks the full embrace of federal regulation, as if bureaucracy were a warm blanket on a cold night. ❄️

World Liberty Financial Files for US Trust Bank License

According to documents submitted to the Office of the Comptroller of the Currency (OCC)-a body not known for its speed-World Liberty Financial wishes to birth “World Liberty Trust Company” through WLTC Holdings LLC. A trust bank, they say, but only for stablecoins, because apparently, diversification is overrated.

Mack McCain, general counsel and presumably the man who keeps a straight face during meetings, assures us that regulatory oversight is the key to unlocking mass adoption-as if people have been clamoring for more paperwork in their crypto lives.

“WLTC will operate under the same framework the OCC has used for over a century, with segregated customer assets, independent reserve management, and regular examination.”

Translation: “We will be just as slow and bureaucratic as every other bank, but with blockchain!” If approved, this would grant World Liberty Financial the privilege of being scrutinized daily by federal regulators-a dream come true for any self-respecting financial institution. 🌟

What Exactly Does WLTC Offer? (Besides Bureaucracy)

Should the OCC nod approvingly-or at least not laugh outright-World Liberty Trust Company promises three whole services:

  • First, users may create and redeem USD1 stablecoins without fees-at least until they realize they’ve been tricked into paying them later.
  • Second, seamless conversion between US dollars and USD1, because nothing says “innovation” like swapping one dollar for another dollar, but digital.
  • Third, the solemn duty of guarding USD1 and other stablecoins in a vault so secure, even the regulators won’t be able to find it. 🔐

All of this will, of course, be wrapped in layers of anti-money laundering checks, sanction screenings, and security measures so tight, they might accidentally lock themselves out. And yes, it will comply with the upcoming GENIUS Act-because nothing says “genius” like letting Congress name financial legislation.

Why USD1? Because Why Not?

USD1, that humble stablecoin, has sprinted to $3.3 billion in circulation in its first year-an achievement so dazzling, one wonders if it’s backed by actual dollars or just sheer audacity. It claims full backing by US dollars and short-term Treasury assets, held safely in institutions so regulated, they probably ask permission to breathe.

USD1 currently frolics across multiple blockchains-Ethereum, Solana, BNB Smart Chain, TRON, Aptos, and AB Core-because spreading oneself thin is the new “diversification.” It’s already listed on Binance and Coinbase, ensuring easy access for both retail investors and institutions who enjoy pretending they understand blockchain.

When Will Approval Happen? (A Comedy in Three Acts)

If-if-approved, the trust bank will first cater to institutional clients, offering stablecoin services with all the excitement of watching paint dry. But approval may take time, as the OCC carefully reviews capital strength, compliance systems, and risk controls-or, more likely, loses the paperwork under a pile of other applications.

Last December, the OCC granted conditional approvals to Fidelity Digital Assets, Ripple, Paxos, and Circle-proof that miracles do happen. Meanwhile, Crypto.com and Coinbase have also applied, because nothing says “financial revolution” like waiting for permission from the same people who regulate checking accounts. 🎭

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2026-01-08 09:23