Sheikh Tahnoon bin Zayed al Nahyan and a group of co-investors reportedly control an entity with a 49% stake in the holding company set up for World Liberty Financial’s planned U.S. banking operation, people familiar with the matter told The Wall Street Journal.
That position would make investors tied to Tahnoon the biggest shareholders in the company established to support the Trump family-backed crypto venture’s proposed bank.
The reported ownership structure follows Tahnoon’s backing of a $500 million investment in World Liberty Financial last year, which came with a 49% ownership stake in the company, according to an earlier Journal report. The arrangement adds another layer to the growing financial relationship between the Trump-affiliated crypto business and a prominent UAE government figure.
Trump’s Crypto Bank Moves Forward
The Office of the Comptroller of the Currency gave preliminary conditional approval earlier this month for World Liberty Financial to establish a federally chartered national trust bank, the Journal reported on Aug. 27.
The planned institution is expected to manage key functions for USD1, World Liberty Financial’s dollar-backed stablecoin, including issuing the token, processing redemptions and holding it in custody.
The OCC’s preliminary approval marks an important step for World Liberty Financial’s stablecoin strategy and places the proposed bank at the center of the company’s USD1 operations. At the same time, the reported ownership of the bank’s holding company has drawn attention because of the large position linked to Tahnoon and his investors.
The reported 49% holding in the banking venture’s parent structure comes on top of the previously disclosed 49% interest in World Liberty Financial itself. The Journal said an entity associated with Tahnoon and his investment partners is the largest shareholder of the holding company created for the proposed bank.
Tahnoon serves as the UAE’s national security adviser and is the brother of UAE President Sheikh Mohamed bin Zayed al Nahyan. According to the Journal, he runs a vast financial and business empire supported by personal and state-linked wealth that exceeds $1.3 trillion.
However, the available reporting does not spell out how the 49% ownership position would translate into practical control. Details concerning the proposed bank’s board, voting arrangements, governance rights and possible veto powers have not been disclosed. Such information would be necessary to determine the extent of the investors’ influence over the institution.
What Is Known About Tahnoon’s Role?
The reported deal demonstrates a major financial connection between World Liberty Financial and investors associated with one of the UAE’s most powerful officials. It does not, however, show that Tahnoon personally manages the proposed bank or controls its everyday decisions.
Tahnoon has been referred to by some reports as the “spy Sheikh.” The Journal’s coverage identifies him as the UAE’s national security adviser and describes his investment relationship with World Liberty Financial, but it does not indicate that he would have direct operational authority over the planned U.S. bank.
USD1 at the Center of the Venture
World Liberty Financial launched USD1 last year as a dollar-backed stablecoin. If the proposed bank proceeds under the OCC’s conditional approval, the institution would be responsible for issuing, redeeming and safeguarding the token.
The reporting provides insight into the bank’s intended role within the USD1 ecosystem but leaves several questions about governance and ownership unanswered. In particular, it remains unclear how the holding company’s ownership structure could affect specific banking decisions.
The OCC’s preliminary approval is therefore a significant milestone for World Liberty Financial, while the proposed bank’s final governance and operating structure remains to be clarified.
