World Liberty Financial, the cryptocurrency venture linked to Donald Trump, has moved a step closer to launching its national trust bank after receiving preliminary and conditional approval from the US Office of the Comptroller of the Currency (OCC).

According to reports, an entity linked to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s National Security Adviser, and other investors own 49 per cent of WLTC Holdings, the proposed bank’s holding company. This is the largest stake in the holding company’s ownership structure.

World Liberty Financial’s proposed bank would be responsible for issuing, redeeming and holding the USD1 dollar-backed stablecoin. However, the OCC’s approval remains preliminary and conditional and does not constitute final authorisation for the bank to operate.

Sheikh Tahnoon, the UAE’s National Security Adviser and brother of the country’s President, oversees a business empire valued at more than $1.3 trillion. According to The Wall Street Journal, the portfolio is backed by his personal wealth and state resources.

Sheikh Tahnoon also reportedly backed a $500 million investment in World Liberty Financial last year, securing a 49 per cent stake in the company. An entity linked to him and its co-investors now also holds a stake in the proposed World Liberty bank’s holding company.

Despite the OCC’s preliminary approval, World Liberty Financial has yet to receive final authorisation to launch the bank. If approved, the national trust bank would focus on issuing, redeeming and holding the USD1 stablecoin.

The structure would link World Liberty’s stablecoin operations to a federally chartered trust bank. Meanwhile, the 49 per cent stake held in the bank’s holding company by an entity linked to Sheikh Tahnoon and its co-investors has become one of the project’s most significant ownership features.