UAE Official Holds Major Stake in Trump-Backed Crypto Banking Venture
Sheikh Tahnoon bin Zayed al Nahyan, the United Arab Emirates' national security adviser and brother of its president, is reported to hold a significant stake through co-investors in World Liberty Financial's holding company. This entity owns 49% of the firm behind Trump’s planned crypto bank venture, following an earlier $500 million investment that secured Tahnoon-linked investors a similar shareholding in the main company. The Office of the Comptroller of the Currency has granted preliminary conditional approval for World Liberty Financial to launch a federally chartered national trust bank. The proposed institution would issue and safeguard USD1, a dollar-backed stablecoin launched by the firm last year. While the ownership structure is clear, details about governance rights or board composition remain undisclosed. The reported financial relationship raises questions regarding influence over operations but does not confirm direct control of day-to-day management or regulatory strategy by Tahnoon himself.
Topics: banking crypto foreign_investment politics