Trump family's crypto business applies for U.S. banking license — how much further is crypto from mainstream finance?

World Liberty Financial yesterday submitted a “de novo” (new bank) application to the Office of the Comptroller of the Currency (OCC), with its affiliated entity World Liberty Trust seeking to obtain a national trust bank license in the United States. This is not just an application; it marks a substantive step for the crypto industry toward deep integration with the traditional financial system. If approved, this institution will gain the authority to directly issue and custody USD1 stablecoins and engage in crypto asset custody and stablecoin exchange services.

What does a banking license mean?

Transition from “crypto enterprise” to “licensed financial institution”

Currently, World Liberty Financial is classified as a crypto enterprise. Although USD1 is listed on exchanges like Binance, its issuance and operation lack regulatory recognition within traditional finance. A banking license changes that.

Once World Liberty Trust obtains a national trust bank license, it will no longer be just a crypto enterprise but a licensed financial institution regulated by the OCC. This means:

• The legal ability to directly issue and custody stablecoins without circumvention
• Recognition within the U.S. federal financial system, greatly boosting institutional trust
• Subject to periodic review and regulation by the OCC, while also gaining an “official endorsement” label

Current status of USD1 stablecoin development

Data shows that USD1’s market performance has been quite impressive. According to the latest figures, USD1’s 24-hour trading volume has reached between 600 million to 900 million USD, ranking high among major platforms. Notably, since its launch in March-April 2025, its trading volume has increased approximately 50- to 100-fold in less than a year.

This rapid growth reflects strong market acceptance of this stablecoin. Once the bank license is approved, it will provide a more robust compliance foundation for USD1, potentially further accelerating its penetration into institutional markets.

The complete strategic landscape

Ambitions of the RWA ecosystem

World Liberty Financial’s ambitions extend beyond stablecoins. According to recent information, its ecosystem project Liberty is accelerating its layout in the real-world assets (RWA) sector, planning to tokenize multiple asset classes such as stocks, funds, bonds, and commodities around USD1.

This means USD1 is not only a payment tool but also a core unit for on-chain asset settlement. Obtaining a bank license will provide an institutional framework—licensed banks can more legally handle transactions involving real assets.

Confidence support from institutional clients

World Liberty Financial explicitly states that once the bank license is approved, the trust bank will primarily serve institutional clients. This is no coincidence. Institutional clients demand much higher compliance standards than retail investors, and a bank license is a key source of that trust.

Market reactions and industry implications

According to related reports, the announcement has elicited a strong market response. Many media outlets describe it as a “positive signal” and a “bullish” indicator. This reflects market expectations for the crypto industry to mainstream finance.

But a deeper insight is: The crypto industry is entering the “licensed era.” It’s no longer about “building finance on-chain,” but about “obtaining formal financial licenses.” This shift means crypto companies must accept stricter regulation but also gain greater legitimacy and market space.

Key points to watch moving forward

From now until final approval, several aspects deserve attention:

• Progress of OCC approval. Although World Liberty Financial has submitted the application, approval typically takes several months. During this period, additional information requests or reviews may occur.

• Expansion of the USD1 ecosystem. While awaiting approval, the Liberty project continues to advance its RWA ecosystem, including upcoming USD1 trading competitions—these are preparations for business expansion post-approval.

• Follow-up from other crypto firms. Once World Liberty Financial is approved, other leading crypto companies are likely to accelerate their bank license applications, speeding up industry-wide formalization.

Summary

World Liberty Financial’s application for a U.S. banking license marks a milestone in the crypto industry’s shift from “wild growth” to “regulatory integration.” It not only provides a compliant foundation for the USD1 stablecoin but also signifies a new path for crypto firms to gain recognition within the traditional financial system.

While final approval remains to be seen, this move already sends a clear signal: crypto is no longer a fringe industry but is becoming part of the mainstream financial ecosystem. For industry watchers, the OCC approval process will be an important window to observe.