UAE’s Sheikh Holds Majority Stake in Trump‑Linked Crypto Bank Approved by OCC

The OCC granted preliminary conditional approval on August 14, 2026 for World Liberty Trust Company, National Association, to operate as a federally regulated national trust bank. The bank’s primary purpose is to issue, redeem and hold reserves for the USD1 stablecoin, now the fourth‑largest stablecoin with over $4 billion in circulation.

Ownership Structure

WLTC Holdings LLC, the holding company behind the proposed bank, is owned as follows:

• StringZ Holding RSC – 49% (backed by Sheikh Tahnoon bin Zayed al Nahyan, UAE national security advisor)
• Trump‑family affiliated entity – 38%
• Associates of co‑founders Zak Folkman and Chase Herro – remaining shares

The largest single shareholder is the Sheikh’s entity, not the Trump family.

Bank Approval Details

The OCC approval is conditional and includes several requirements:

• Maintain at least $20 million in eligible capital at opening
• Separate regulator approval for the chief financial officer
• Appointment of a qualified internal audit manager
• Application for Federal Reserve Bank stock
• Compliance with the GENIUS Act (stablecoin law enacted July 18, 2025)

The bank will not accept customer deposits, issue conventional loans, carry FDIC insurance, seek a Federal Reserve master account, or deal in WLFI governance tokens.

Key Personnel

• Zach Witkoff – President and Chairman (co‑founder of World Liberty Financial with the Trump sons)
• Mack McCain – Chief Trust Officer
• Daniel Dietzel – Chief Financial Officer
• Board members include Scott Alper, Robert Witkoff, Jeffrey Weiner and Erin Baskett

Financial Context

The original investment in World Liberty Financial was a $500 million deal in January 2025, giving the Sheikh’s group a 49% stake. $263 million of that amount has been reported as flowing to Trump‑family entities. The Trump family’s 2025 financial disclosure shows $1.4 billion in crypto‑related income, with significant portions tied to the World Liberty venture.

Regulatory and Political Reactions

Senators Elizabeth Warren and Andy Kim have asked CFIUS for a national‑security review of the arrangement. Democrats have criticized the OCC decision as a potential conflict of interest, noting that a sitting president’s family now holds a stake in a federally chartered bank.

USD1 Stablecoin Overview

USD1 was launched in March 2025 on Ethereum and Binance Smart Chain. It is pegged 1:1 to the U.S. dollar and backed by cash, U.S. Treasury securities and money‑market funds. BitGo Trust Company currently serves as the reserve custodian; the approved bank would assume these responsibilities. As of the latest data, USD1 circulates more than $4 billion, making it the fourth‑largest stablecoin by market cap.