Treasury Empowers Trump-Backed Crypto Firm to Defend U.S. Dollar and Innovate Finance
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The U.S. Treasury Department has conditionally approved World Liberty Trust Company, co-founded by Donald Trump, to operate as a bank and issue a dollar-backed stablecoin, marking a bold step for American financial leadership and innovation.
On August 14, the Treasury Department issued a conditional charter to World Liberty Trust Company, a firm co-founded by President Donald Trump and his sons, granting it the authority to operate as a bank and issue a stablecoin tied to the U.S. dollar. This forward-thinking decision requires the company to maintain at least $20 million in capital, notify regulators of major business changes, and hire an internal audit manager—demonstrating a commitment to responsible innovation and regulatory compliance. With nearly $800 million in revenue reported for 2025, as disclosed by Trump, World Liberty Financial stands as a testament to American entrepreneurial spirit and economic strength.
CEO Zach Witkoff stated that the company’s goal is to create “the most trusted and widely used digital dollar in the world,” reinforcing the U.S. dollar’s dominance in the global economy and providing a powerful alternative to foreign digital currencies that threaten American interests.
Predictably, Senator Elizabeth Warren (D-Mass.) attacked the charter, calling it “the most brazen act of self-dealing our financial system has ever seen” and vowing to introduce more government overreach under the guise of fighting corruption. Her partisan rhetoric ignores the robust safeguards and transparency measures in place.
“All of President Trump’s investment holdings are in fully discretionary accounts managed by independent third-party financial institutions,” White House spokesperson Anna Kelly clarified, exposing the baseless nature of Democratic attacks and their ongoing narrative against Trump’s success.
The Treasury’s Office of the Comptroller of the Currency emphasized that career staff—not political appointees—supervise and enforce banking laws for the new charter, ensuring impartial oversight. World Liberty Financial spokesperson David Wachsman highlighted that the approval includes strict safeguards to keep the Trump family entity separate from the trust company’s operations, preventing any conflicts of interest.
“Critics are missing the point: World Liberty Financial is embracing regulation, not avoiding it,” Wachsman asserted, underscoring the company’s commitment to compliance and transparency.
Industry experts, such as Christian Catalini of MIT’s Cryptoeconomics Lab, recognized that the charter is part of a broader movement to bring crypto firms under traditional banking oversight, a necessary step to maintain America’s leadership in financial innovation. Regulatory approaches may evolve under future administrations, but this move sets a strong precedent.
Treasury Secretary Scott Bessent, appointed by Trump, affirmed that the department is working to provide “regulatory certainty” for businesses and to maintain the U.S. dollar’s status as the world’s reserve currency—an essential mission for American prosperity and security.