Trump’s WLFI Is Looking To Become A Bank, Touting Growth ‘Faster That Any Other Stablecoin In History’

World Liberty Financial filed for a U.S. national trust bank charter through its subsidiary, World Liberty Trust Company.

• USD1 is currently the seventh-largest stablecoin by supply, with most issuance concentrated on Binance Smart Chain and Ethereum.
• Federal oversight could allow WLFI to integrate more directly with the U.S. financial system and broaden access to institutional clients.
• WLFI is not the only crypto company eyeing a banking charter in the U.S. after the regulatory nod for digital asset entities to enter the banking industry.

Trump-backed World Liberty Financial (WLFI) filed an application on Wednesday to operate as a U.S. national trust bank, a move that comes as circulation of its dollar-backed stablecoin, USD1 (USD1), reached roughly $3.4 billion.

According to co-founder Zach Witkoff, USD1 has grown “faster than any other stablecoin in history.” Stocktwits was unable to independently verify this claim. According to data on DeFiLlama, the dollar-backed stablecoin has reached over $3.4 billion in circulation in its first year. It is currently the seventh-largest stablecoin in the market. The majority of circulation is occurring on Binance Smart Chain (BNB) and Ethereum (ETH).

WLFI’s price gained 2.4% in the last 24 hours despite weakness in the broader cryptocurrency market. On Stocktwits, retail sentiment around the token rose to ‘extremely bullish’ from ‘bullish’ territory over the past day. Chatter remained at ‘extremely high’ levels.

Meanwhile, retail sentiment around WLFI’s stablecoin USD1 remained in ‘bullish’ territory amid ‘extremely high’ levels of chatter over the past day. 

Is WLFI Becoming A US Bank?

While WLFI has filed for a U.S. national trust bank charter, it’s not looking to become a commercial bank. If approved, WLFI’s subsidiary World Liberty Trust Company (WLTC) plans to focus on stablecoin operations. This includes redeeming and issuing USD1, offering conversion from other major stablecoins, providing custody services and managing reserves that back WLFI’s stablecoin.

Approval would place WLFI under the supervision of federal banking regulators, a step that could enhance its credibility with institutional clients and ease integration with U.S. financial infrastructure. Over time, WLFI could possibly position itself as a ‘digital-first’ banking platform focused on crypto-native financial services.

WLFI Not Alone In Banking Ambitions

WLFI is not the only crypto company eyeing a banking charter in the U.S. following the regulatory nod that allows crypto companies to enter the banking industry. Five entities recently received conditional approval from the Office of the Comptroller of Currency (OFF) to operate as national trust banks, which includes USDC (USDC) stablecoin issuer Circle (CRCL) and XRP (XRP) developer Ripple. 

WLFI’s application, however, carries unique political dimensions. The decentralized finance project, launched in 2024, is operated by members of Trump’s family, with the President listed on its website as “co-founder emeritus.” Those ties could draw additional scrutiny from regulators, potentially accelerating or complicating the approval process.

USD1 debuted as a USD-backed stablecoin on Ethereum, Binance Smart Chain, and Tron (TRX) in April last year. It currently operates across 10 chains, including Aptos (APT) and AB Core.

While the project trails larger incumbents such as USDT and USDC, its growth trajectory has drawn increased attention from both retail traders and critics alike.

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