A structure linked to Sheikh Tahnoon bin Zayed Al Nahyan, a key figure in the UAE hierarchy, now owns 49% of WLTC Holdings. This company was created by the World Liberty Financial (WLFI) project specifically to develop its banking arm. Meanwhile, the family of U.S. President Donald Trump holds 38% of the same holding. This distribution of stakes forms a highly unusual alliance between the U.S. political elite and Middle Eastern capital.
Recall that in August, the U.S. Office of the Comptroller of the Currency (OCC) gave preliminary approval to WLFI's application to create a national trust bank. The new structure is expected to take on the functions of issuing, redeeming, and custodying the USD1 stablecoin, as well as offering crypto asset custody services to clients. However, before launch, the company must meet a number of regulatory requirements and pass a final review.
Ownership Structure: Details and Nuances
The stake of the Emirati investors is held through the company StringZ Holding RSC. It was registered in Abu Dhabi in April 2025, and a month later — in the U.S. state of Delaware. Tahnoon and his partners stand behind StringZ. The sheikh serves as the UAE's National Security Advisor and is the brother of the country's president, Mohammed bin Zayed Al Nahyan.
This is not Tahnoon's first investment in Trump's crypto projects. Earlier, the structure Aryam Investment 1 invested $500 million directly into World Liberty Financial, receiving 49% of the company. Now a similar stake has been retained in the banking division, but through a different structure. Notably, the OCC required three major shareholders, including StringZ Holding and the Trump family structure, to sign passive ownership agreements. They committed not to interfere in the bank's management or attempt to gain control over it. In my understanding, such conditions are extremely rarely applied when issuing banking licenses, which underscores how unconventional the situation is.
The Bank and the Future of USD1
WLFI began creating its own banking division in July 2025, following the passage of the GENIUS Act. This law allows stablecoin issuers to directly own the reserve assets backing their tokens. Currently, BitGo handles the issuance of USD1, also serving as custodian and receiving a share of income from the placement of reserves. Once World Liberty obtains its final license, it will be able to move these functions into its bank and expand its range of services. At the time of writing, USD1's market capitalization stands at $4.08 billion.
Congressional Questions and Investor Losses
The connection between UAE investors and the future bank has raised concerns among Democrats in Congress. Senator Elizabeth Warren has requested information from the OCC head about Tahnoon's possible involvement in the project, while a group of 40 lawmakers pointed to risks to national security and the independence of the licensing process. The OCC stated that the application was reviewed by regular staff with the participation of ethics experts.
Meanwhile, according to estimates from the organization Public Citizen, total investor losses in Trump-linked crypto projects have reached $4.7 billion. The bulk consists of unrealized losses on the TRUMP meme coin ($3.2 billion), the WLFI token ($1 billion), and other assets. At the same time, Trump himself earned at least $1.4 billion in income from crypto projects in 2025, as confirmed by his official disclosure.
My analysis: Attracting Middle Eastern capital into a banking project tied to the family of the sitting president is an unprecedented step that creates serious risks in terms of how the independence of regulators is perceived. Even with passive ownership agreements, the very fact of such a partnership could become a bone of contention in Congress and undermine trust in the U.S. bank licensing process.