Sheikh Tahnoon bin Zayed Al Nahyan and co-investors are behind an entity holding a 49% stake in the parent company of World Liberty Financial’s proposed U.S. national trust bank, adding a new layer of scrutiny to the Trump family-linked crypto venture. The Wall Street Journal reported that the investor group backs StringZ Holding RSC, which owns the largest stake in WLTC Holdings. The disclosure ties substantial foreign capital to the corporate structure above a crypto-focused institution seeking final federal authorization to operate.
The ownership should not be equated with unrestricted control. Regulatory documents show StringZ and other investors made formal commitments that their investments in the proposed bank would remain passive. The distinction between a large economic stake and operational control is central to assessing the structure, particularly because the bank has not yet received final approval to begin business.
StringZ Sits Above World Liberty’s Banking Venture
The investor group’s position comes after Sheikh Tahnoon backed a separate $500 million investment in World Liberty Financial that secured a 49% stake in the crypto company, according to the Journal. Sheikh Tahnoon is the United Arab Emirates’ national security adviser and brother of the country’s president. The latest disclosure extends that financial relationship into the ownership chain surrounding World Liberty’s proposed banking operation.
The bank itself would be wholly owned by WLTC Holdings LLC. In its August 14 charter decision, the Office of the Comptroller of the Currency granted World Liberty Trust Company preliminary conditional approval to become a national trust bank. Its proposed activities include issuing and redeeming USD1, maintaining stablecoin reserves and providing fiduciary digital-asset custody. The OCC explicitly states that final authorization remains contingent on satisfying preopening requirements.
The OCC also confirmed that StringZ Holdings RSC, DT Marks SC LLC and AMGUS LLC submitted passivity commitments concerning their indirect investments. The regulator said it had received public comments raising potential conflicts of interest involving President Donald Trump, his family and UAE investors, but stated that career staff reviewed the application under established statutory and regulatory standards. The agency’s decision acknowledges the governance concerns while distinguishing them from the criteria governing charter approval.
Foreign Ownership Sharpens Governance Scrutiny
The OCC further said some commenters raised Emoluments Clause and national-security concerns connected to investments in World Liberty Financial. However, it determined that those questions fell outside the charter review because World Liberty Financial and its foreign investors were not parties to the bank application. That regulatory boundary does not eliminate the political controversy, but it clarifies what the OCC did and did not evaluate when granting preliminary approval.
World Liberty has rejected allegations that its political connections create improper influence, while the White House has likewise denied conflicts of interest. Those denials remain part of a contested political debate rather than findings established by the banking regulator.
For counterparties evaluating USD1, the immediate facts are narrower: a foreign-backed entity holds 49% of WLTC Holdings, investors have accepted passivity commitments, and the proposed trust bank remains subject to final OCC authorization. The next regulatory milestone will determine whether World Liberty can actually transfer USD1 issuance, redemption and custody into the federally supervised institution.
