$WLFI ( ▲ 0.16% ) surged to a three-month high after World Liberty Financial said a proposed affiliate has applied for a US banking charter, making the token the top-performing cryptocurrency over the past 24 hours. The token peaked around $0.185 after the announcement, as traders reacted to the prospect of deeper integration with the traditional financial system.
What World Liberty filed
According to a press release, World Liberty Trust Company submitted a de novo banking application to the Office of the Comptroller of the Currency, the Treasury Department arm that regulates national banks. Approval would allow the trust company to operate as a nationally chartered institution.
With a national trust bank charter, World Liberty Trust would be able to issue USD1, the dollar-backed stablecoin launched by World Liberty Financial last year. The trust also plans to provide digital asset custody and stablecoin conversion services.
How the entities are structured
World Liberty Financial and World Liberty Trust Company share similar branding, but the firms said their ownership and operating structures are separate. In a statement to CoinDesk, the companies emphasized that the trust entity would function independently despite the overlap in names.
President Donald Trump is listed as a co-founder emeritus of World Liberty Financial, while his sons Eric Trump, Donald Trump Jr., and Barron Trump are cited as co-founders.
Why the charter matters
The OCC has already approved bank charter applications from several crypto-related firms during the Trump administration, including Circle, Ripple, and BitGo. BitGo also serves as the custodian for the reserve assets backing USD1.
For investors, the filing signals a potential path for World Liberty to operate more directly within the US banking system, which appears to be fueling renewed interest and momentum in the $WLFI token.