According to CoinMeta, World Liberty Financial, which is supported by Trump, has obtained a preliminary banking license from the US Federal Reserve and plans to issue a USD1 stablecoin pegged to the US dollar. The bank is named World Liberty Trust Company and is located in Bay Harbor Islands in Florida. It is expected to take over the role of the current exclusive issuer, Bitgo. The approval comes with conditions, including a minimum capital requirement of 20 million US dollars, and compliance with the stablecoin regulations passed last year. Despite opposition arising from Trump's association with the project during the review process, regulatory authorities stated that these concerns fall outside the scope of their review.