Structures linked to the influential Sheikh Tahnoon bin Zayed Al Nahyan have consolidated 49% of the capital of WLTC Holdings — a specialized holding created by World Liberty Financial (WLFI) to develop its banking arm. The family of the current U.S. president holds 38% of this asset. This is a strategic alliance that is reshaping the balance of power in the American crypto industry.
Recall that in August, the U.S. Office of the Comptroller of the Currency (OCC) issued preliminary approval for the launch of a national trust bank under the aegis of WLFI. The new structure will specialize in the issuance, redemption, and custodial storage of the USD1 stablecoin, and will also offer digital asset custody services for institutional clients. The final launch is possible only after all regulatory requirements are met and a final review is passed.
The Emirati footprint: from direct investment to passive ownership
The stake of UAE investors is structured through StringZ Holding RSC, a company registered in Abu Dhabi in April 2025 and slightly later in Delaware. Behind it are Tahnoon, who serves as the UAE's national security advisor and is the brother of the country's president, as well as his partners. This is not the first deal of its kind: previously, the Aryam Investment 1 structure invested $500 million directly into WLFI, receiving the same 49%. Now an equivalent stake has been secured in the banking segment as well.
Notably, the OCC, when reviewing the application, required the three largest shareholders, including StringZ and the Trump family, to sign passive ownership agreements. This strict condition prohibits them from interfering in the bank's operational management or attempting to gain control over it. Such a practice is rare for the regulator, underscoring the sensitivity of the deal.
The bank as an operational hub for USD1
WLFI began creating its banking division in July 2025, immediately after the passage of the GENIUS Act, which allowed stablecoin issuers to directly own reserve assets. Currently, BitGo serves as the issuer and custodian of USD1, earning a share of income from reserve placement. Once WLFI obtains its final license, these operations will be transferred to its own bank, adding a margin from fees for custodial storage of client crypto assets. As of now, USD1's market capitalization stands at $4.08 billion — a solid base for scaling.
Congress and investor losses
This ownership structure has not gone unnoticed in Washington. Senator Elizabeth Warren and a group of 40 lawmakers have demanded that the OCC disclose details of foreign capital participation, citing risks to national security and licensing independence. The regulator, however, insists that the application was reviewed by career staff with the involvement of ethics experts.
Against this backdrop, a Public Citizen report is telling: total investor losses in Trump-linked projects have reached $4.7 billion. The bulk — $3.2 billion — comes from the TRUMP meme coin, another $1 billion from the WLFI token, and $450 million from Trump Media's crypto treasury. According to Nansen, 82% of retail addresses that bought WLFI via DEX are in the red. At the same time, Trump himself declared $1.4 billion in income from crypto projects over the year.
My analysis: Creating a bank with Emirati capital is not just a business move, but an attempt to legitimize crypto assets at the level of U.S. government structures. However, the concentration of power and capital in the hands of the president's family and foreign sheikhs creates a dangerous precedent that could trigger stricter regulation of the entire industry. Investors should account for political risks, which here outweigh financial appeal.