President Donald Trump-backed World Liberty Financial announced Wednesday that it has applied for a U.S. national banking license to issue and custody its dollar-pegged World Liberty Financial USD (USD1) stablecoin.

A Federally-Regulated Stablecoin Bank?

The decentralized finance platform stated that its subsidiary, WLTC Holdings LLC, applied to the Office of the Comptroller of the Currency to establish World Liberty Trust Company, National Association, a banking entity designed for stablecoin operations.

The proposed trust company is designed to serve institutional clients, including cryptocurrency exchanges, market makers and investment firms. Besides issuing and redeeming the $2.8…

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