WASHINGTON, Aug. 17 -- The Office of the Comptroller of the Currency handed conditional approval on August 15 to World Liberty Trust Co. to operate as a national trust bank - a move that makes Donald Trump, for the first time in American history, the president in charge of overseeing a federal banking institution in which his own family holds a stake.

The charter allows World Liberty Trust Co. to issue the USD1 stablecoin directly, ending the company's reliance on BitGo, the third-party digital asset custodian it has used since launch. World Liberty Financial, the parent entity, is 38 percent owned by an entity affiliated with Trump and members of his family, the company disclosed in its charter application.

Senator Elizabeth Warren of ...