On Wednesday, the cryptocurrency - related enterprise World Liberty Financial, which enjoys the backing of the Trump family, revealed that its subsidiary, WLTC Holdings, has filed an application with U.S. banking regulators. The application aims to establish a national trust bank with a focus on stablecoin operations and to obtain a banking license for issuing and safeguarding its U.S. dollar - pegged stablecoin, USD1, which was launched last year.

In the past, several prominent cryptocurrency companies have secured preliminary approval. However, as of now, only the crypto platform Anchorage Digital possesses a national trust bank license. World Liberty Financial disclosed that in its inaugural year, USD1 has already surpassed a circulation volume of over $3.3 billion. The proposed bank is set to offer services encompassing the issuance, redemption, and digital asset custody of stablecoins. It will operate in compliance with the "Genius Act," a legislation that sets up a federal regulatory framework for stablecoins.