Key Highlights
- An investment group led by Sheikh Tahnoon bin Zayed Al Nahyan, UAE’s national security adviser, controls approximately 49% of WLTC Holdings, the parent company of World Liberty Financial’s upcoming US trust bank
- An entity connected to the Trump family owns an additional 38% stake in WLTC Holdings
- On August 14, the Office of the Comptroller of the Currency issued preliminary conditional approval for World Liberty Trust Company
- The proposed institution would oversee the issuance, custody, and redemption operations for the USD1 stablecoin, which currently maintains a $4 billion market capitalization
- Members of Congress from the Democratic Party have demanded hearings to examine possible conflicts of interest surrounding the arrangement
According to reporting from the Wall Street Journal, Sheikh Tahnoon bin Zayed Al Nahyan, who serves as the UAE’s national security adviser, along with his investment partners, maintains the controlling interest in the parent organization of World Liberty Financial’s planned US trust bank.
Sheikh Tahnoon’s investment consortium functions through StringZ Holding RSC, which maintains a 49% ownership position in WLTC Holdings. Meanwhile, a separate entity with connections to the Trump family controls 38% of the company.
The proposed banking institution is associated with World Liberty Financial, a cryptocurrency project linked to President Donald Trump’s relatives. The bank’s purpose would be to place the creation, redemption, and safekeeping of the USD1 stablecoin within a federally regulated framework.
USD1 presently holds approximately $4 billion in market capitalization, positioning it as the fourth-largest stablecoin in the market, trailing only Tether and USDC.
Federal Banking Regulator Issues Conditional Green Light
On August 14, 2026, the Office of the Comptroller of the Currency issued World Liberty Trust Company preliminary conditional authorization. While the OCC’s official decision document acknowledges StringZ as an investor, it neither identifies Tahnoon by name nor reveals the specific ownership percentage.
The financial institution remains prohibited from commencing operations until it fulfills all pre-opening conditions set by the OCC and secures final authorization.
Sheikh Tahnoon additionally serves as chairman of the artificial intelligence firm G42. In November 2025, US authorities granted G42 permission to receive exports of cutting-edge AI chips, part of a wider AI cooperation framework between the United States and the UAE.
Previous reporting from the WSJ this year revealed that Tahnoon’s investment entity discreetly purchased a 49% ownership position in World Liberty Financial for $500 million, completing the transaction mere days before Trump took office.
Lawmakers Demand Transparency
Senate Democrats have called upon Republican congressional leaders to convene hearings examining the deal and investigating whether it influenced American foreign policy decisions regarding the UAE.
In February 2026, Congressman Ro Khanna initiated a formal inquiry into UAE royal family capital entering World Liberty Financial.
White House officials have rejected allegations of conflicts of interest. Principal Deputy Press Secretary Anna Kelly stated unequivocally that “no conflicts of interest” exist and emphasized that “President Trump only acts in the best interests of the American public.”
The OCC’s conditional authorization indicates the trust bank must still satisfy numerous regulatory conditions before launching operations.
The arrangement continues to face examination from Democratic members of Congress and media outlets as this cryptocurrency banking initiative progresses through the federal regulatory approval process.
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