According to CoinMeta, Trump-backed World Liberty Trust Co has been granted a conditional banking license from the US Federal Reserve, allowing it to operate as a national trust bank and engage in other trust-related activities. The letter states that this preliminary approval is based on an assessment of all available information, including the commitments made in the application and by the bank's representatives. Final approval will require meeting additional “pre-opening requirements.” World Liberty Trust Company will focus on its USD1 stablecoin services and plans to issue USD1 to institutional clients nationwide, replacing the current exclusive issuers BitGo Bank and Trust. World Liberty applied for this license in January this year, which sparked opposition from Democratic legislators due to some of its entities being owned by Trump.