The ownership structure for WLTC Holdings, the entity formed to support the proposed national trust bank, includes a 38% stake held by a firm affiliated with the family of President Donald Trump. These details emerged following the Office of the Comptroller of the Currency’s decision on August 14 to grant preliminary conditional approval to the project. While the regulator’s filings confirm the participation of StringZ Holding RSC—the vehicle linked to the Abu Dhabi official—the specific backing of Sheikh Tahnoon was not disclosed in the official documents.
The proposed bank would centralize the management of USD1, a dollar-pegged token that reached a circulating supply of approximately $4.4 billion by mid-2026. Under the current plan, the institution would handle token redemption, reserve management, and digital asset custody services. To proceed, the company must satisfy pre-opening conditions set by the OCC before final authorization is granted. This regulatory path has drawn scrutiny from Democratic lawmakers, who have previously raised concerns regarding foreign influence and the security implications of the investment.
Sheikh Tahnoon, who serves as the UAE’s national security adviser and chairs the AI company G42, has established significant financial ties to the World Liberty ecosystem. In early 2025, a vehicle backed by the sheikh acquired a 49% stake in World Liberty Financial for $500 million. As the bank application moves forward, career staff at the OCC maintain that the review follows standard banking laws and ethics requirements, despite ongoing congressional interest in the venture's international connections.
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