Key Points
- An investment group led by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser, reportedly controls 49% of WLTC Holdings, the parent company of World Liberty Financial’s proposed trust bank
- Trump family interests control an additional 38% stake in WLTC Holdings
- World Liberty Trust Company received preliminary conditional approval from the Office of the Comptroller of the Currency on August 14
- The proposed institution would manage issuance, redemption, and custody services for the USD1 stablecoin, which currently maintains approximately $4 billion in market capitalization
- Congressional Democrats have demanded oversight hearings regarding possible conflicts of interest surrounding the transaction
According to a Wall Street Journal report, Sheikh Tahnoon bin Zayed Al Nahyan, who serves as the UAE’s national security adviser, along with his investment partners, controls the largest ownership position in the holding company backing World Liberty Financial’s proposed United States trust bank.
The sheikh’s investment interests are channeled through StringZ Holding RSC, an entity that maintains a 49% ownership stake in WLTC Holdings. Meanwhile, a Trump family-connected entity commands an additional 38% interest.
The proposed banking institution is associated with World Liberty Financial, a cryptocurrency enterprise linked to President Donald Trump’s family. The trust bank would consolidate the issuance, redemption, and custodial operations for the USD1 stablecoin within a federally regulated framework.
USD1 maintains a market capitalization of approximately $4 billion, positioning it as the fourth-largest stablecoin by market value, trailing only Tether and USDC.
Regulatory Approval From OCC
On August 14, 2026, the Office of the Comptroller of the Currency issued preliminary conditional approval to World Liberty Trust Company. While the OCC’s published determination acknowledges StringZ as an investor, it does not specifically identify Tahnoon or reveal the exact ownership percentage.
The banking entity remains prohibited from commencing operations until it satisfies all pre-opening conditions set forth by the OCC and secures final authorization.
Sheikh Tahnoon serves as chairman of artificial intelligence firm G42. In November 2025, the United States government approved exports of sophisticated AI chips to G42, following a comprehensive bilateral AI cooperation framework between the US and UAE.
Earlier reporting by the WSJ revealed that Tahnoon’s investment platform discreetly obtained a 49% ownership position in World Liberty Financial for $500 million, mere days before Trump’s presidential inauguration.
Legislative Oversight Concerns
Senate Democrats have called on Republican congressional leaders to convene hearings examining the deal and whether it influenced United States policy decisions concerning the UAE.
In February 2026, Representative Ro Khanna initiated a formal inquiry into UAE royal family capital being directed to World Liberty Financial.
The White House has dismissed conflict of interest allegations. Anna Kelly, serving as Principal Deputy Press Secretary, stated 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 prerequisites before commencing operations.
The arrangement continues to face examination from congressional Democrats and media outlets as the cryptocurrency banking initiative advances through the federal regulatory approval pipeline.
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