The Office of the Comptroller of the Currency (OCC) has granted World Liberty Financial (WLFI) preliminary conditional approval of its bank charter application. The crypto firm now joins a host of other crypto firms that have received a similar approval from the banking regulator as they look to issue their stablecoin.
OCC Grants Conditional Approval To World Liberty Financial
In a press release, the crypto firm said the OCC granted preliminary conditional approval for its World Liberty Trust Company, National Association (WLTC), the national trust bank it intends to use to run its stablecoin operations. This follows the firm’s application for the trust charter at the start of the year.
World Liberty Financial joins Ripple, Fidelity, Paxos, and Circle, which earlier received conditional approval from the OCC. Last month, USDC issuer Circle received full approval to launch its First National Crypto Bank.
Upon receiving full approval, World Liberty Financial will be able to issue and redeem its USD1 stablecoin and manage its stablecoin reserves. The firm will also be able to provide custody services for institutional customers. The USD1 stablecoin currently has a market cap of $4 billion, ranking as the fourth-largest stablecoin by market cap.
Commenting on the preliminary approval, World Liberty Trust Company President Zach Witkoff said,
What makes a stablecoin trustworthy is the strength of the reserve behind it, and who stands accountable for it. A national trust bank brings USD1 issuance, custody, and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations
WLFI Token Climbs On OCC Approval
The WLFI token climbed over 2%, rising to $0.0597, according to TradingView data on the back of the announcement of the preliminary conditional approval from the OCC. However, the token has pared some of those gains, now trading around $ 0.0552.
The token is also up over 5% in the past week but remains down over 61% year-to-date (YTD). The crypto market notably remains in a downtrend, with the Bitcoin price falling below the psychological $63,000 level today.
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