Foreign Ownership of Trump's Stablecoin Bank Revealed
The Office of the Comptroller of the Currency (OCC) approved World Liberty Trust Company as a bank for issuing USD1, a stablecoin backed by $4.1 billion in reserves. The bank is owned through WLTC Holdings, with reported stakes held by an Abu Dhabi-linked entity and a Trump family company. A 49% stake reportedly belongs to an entity tied to Sheikh Tahnoon bin Zayed al Nahyan of the UAE, while the Trumps hold 38%. Both figures are based on sources familiar with the matter rather than public filings. The bank must maintain at least $20 million in tier 1 capital, but its reserves far exceed that requirement. USD1 is currently valued near $4.1 billion and maintains a stable peg to the dollar. The new bank plans to take over reserve management from BitGo, retaining all interest income internally. Regulators required passivity commitments from major stakeholders including Eric Trump and representatives of UAE-linked entities to prevent interference in operations. Critics like Senator Elizabeth Warren have raised national security concerns due to foreign ownership ties.
Topics: foreign investment ownership structure stablecoin U.S. banking regulation