The Trump family is set to enter the US banking business, with a company linked to the President’s family receiving preliminary approval to start a national bank. This will make Trump the first sitting US President whose children founded a bank.
World Liberty Financial, the Trump-linked crypto company, has received the green light from the Office of the Comptroller of the Currency (OCC), the US banking regulator. That is more than the number approved during the previous five years combined. “Having a bank in which to store the assets backing the stablecoin would let them cut costs. World Liberty Financial has not received final approval yet.
The development comes as the US banking regulator is approving new bank charters at the fastest pace in almost 20 years. During the first 19 months of Trump’s second term, the OCC approved 22 bank charter applications. Around 40 companies have applied for new bank charters since the start of 2025. This is roughly equal to the total number of applications received during the previous 13 years. The OCC is also aiming to decide on applications within 120 days, compared with the months or even years the process could take earlier.
The company still needs to meet certain conditions before getting final approval, according to Bloomberg . It would also potentially add legitimacy to the stablecoin, and could even offer access to cheap funding or a government bailout in the event of a crisis,” it said . The OCC said the company must meet several conditions, including maintaining a required level of capital and hiring an outside auditor.
