Behold, the latest dalliance of Trump’s fiscal acolytes: World Liberty Financial, that most unapologetic of financial charlatans, now seeks a national trust bank charter to corral its USD1 stablecoin-a gilded digital beast-into the stately halls of federal oversight, all while sipping champagne on the slopes of institutional demand.
World Liberty Financial: From Whispered Schemes to Bank Charter Ambitions
On the 7th day of January, the denizens of World Liberty Financial, in a fit of bureaucratic bravado, unleashed WLTC Holdings LLC upon the Office of the Comptroller of the Currency (OCC), with the audacious aim of founding a national trust bank dedicated to stablecoins. A venture so grand it could make a lesser man weep into his martini.
The announcement, penned with the solemnity of a Shakespearean soliloquy, declares:
This charter shall elevate WLTC to the throne of USD1, that dollar-backed stablecoin, now boasting a circulation of $3.3 billion-a sum so staggering it could make a Treasury official blush.
The filing, a labyrinth of legalese, envisions the World Liberty Trust Company, National Association, as a one-stop shop for issuance, custody, and conversion of USD1. It further boasts: “WLTC shall offer digital asset custody and stablecoin conversion services, enabling holders of other stablecoins to migrate into USD1, like moths to a flame of regulatory compliance.”
Should this charade succeed, the trust company will cater to institutions-cryptocurrency exchanges, market makers, and investment firms-as if they were guests at a black-tie gala. Services include fee-free minting of USD1, U.S. dollar on-ramps, and secure custody, all under the watchful eye of federal regulators. Operations, one imagines, will be as dull as a spreadsheet but as necessary as a tax audit.
Zach Witkoff, the proposed President and Chairman, declared with the gravitas of a man who’s never held a real job:
Institutions, those titans of commerce, already employ USD1 for cross-border payments and treasury operations. A national trust charter, he proclaimed, shall unite issuance, custody, and conversion under one roof-a full-stack offering for the modern age.
USD1, that paragon of virtue, is “fully backed” by U.S. dollars and short-duration Treasury obligations. It dances across 10 blockchain networks, from Ethereum to TRON, like a digital prodigy. Mike Belshe of Bitgo, no doubt sipping a kombucha, remarked: “Bitgo is proud to have supported USD1’s meteoric rise to $3.3 billion in its first year… and looks forward to more of the same.”
FAQ ⏰
- What is World Liberty Financial applying for?
A national trust bank charter from the OCC to support its USD1 stablecoin. Because nothing says “trust” like a Trump nameplate. - What is USD1 used for?
Cross-border payments, settlement, and treasury operations. Essentially, it’s the Switzerland of money-if Switzerland had a Twitter account. - How is USD1 backed?
U.S. dollars and short-duration Treasury obligations. A financial waltz of stability, or so we’re told. - Who are WLTC’s target clients?
Exchanges, market makers, and institutional investment firms. The usual suspects, minus the cigars.
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2026-01-08 21:39