World Liberty Trust Clears First OCC Hurdle to Rep
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World Liberty Trust Clears First OCC Hurdle to Replace BitGo as USD1 Custodian
The stablecoin custody market is shifting from standalone crypto custodians toward federally chartered trust banks. World Liberty Trust Co. has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency to become a national trust bank, according to the original report.
If the entity completes its preopening requirements, it would take over from BitGo as the exclusive issuer and custodian of World Liberty Financial’s $USD1 stablecoin for institutional clients nationwide. The trust also intends to provide digital asset custody services to institutions.
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