The OCC on August 14, 2026 gave preliminary conditional approval to World Liberty Trust Company, a proposed national trust bank that would issue the USD1 stablecoin. Corporate Decision #1385 attaches conditions to it: at least $20 million in tier 1 capital, 180 days of operating expenses in liquid assets, and an obligation to conform, cease or divest its stablecoin activities to comply with the GENIUS Act.

What the decision says

“The OCC hereby grants preliminary conditional approval of your charter application”, the decision states. The bank would take over issuance of USD1 from BitGo Bank & Trust, National Association, which the OCC calls “the current exclusive issuer and custodian for USD1.”

The conditions include:

  • Capital. The bank “must maintain a minimum of $20 million in tier 1 capital”, with the greater of 50 percent of that capital or $10 million held in Eligible Liquid Assets.
  • Wind-down liquidity. It “must maintain 180 days of operating expenses in Eligible Liquid Assets.”
  • GENIUS Act conformance. It must “conform, cease, or divest its proposed activities”, including stablecoin issuance and redemption, to comply with the Act.

The decision also holds the bank to the business plan it filed. On the public record, it states: “The OCC received seven comments on the application from four commenters.” The decision recounts comments raising conflicts of interest and sets out the OCC’s responses to them. On central bank access, it records that the bank “does not plan to seek access to a Federal Reserve Master Account”.

What it means for stablecoin partners

If the charter is completed, USD1 issuance and redemption move from BitGo to a national trust bank supervised by the OCC. Platforms, wallets and corporate treasuries that hold USD1 would then deal with an issuer carrying a federal capital floor, a liquid asset requirement and a wind-down cushion.

The four conditions read as a standard set for a stablecoin trust bank: capital floor, wind-down liquidity, business plan and GENIUS Act conformance. Teams selecting a coin or an issuing partner can compare them with the terms in stablecoin infrastructure and with the OCC’s earlier decision on Circle’s national trust bank.

What to watch

  • Final approval. This decision is preliminary and conditional, so the conditions come before the bank opens.
  • The conform, cease or divest condition, which reaches issuance and redemption activities under the GENIUS Act.
  • The transfer of USD1 issuance and custody from BitGo Bank & Trust, N.A.