49% UAE Ownership, $500M Investment: The Trump Crypto Bank Deal Under Pressure

Sheikh Tahnoon bin Zayed al Nahyan and his co-investors are reportedly connected to an entity that owns 49% of the holding company established for World Liberty Financial’s proposed U.S. banking venture, according to people familiar with the arrangement cited by The Wall Street Journal.

The reported ownership makes Tahnoon-associated investors the largest shareholders in the holding company supporting the Trump family-backed crypto company’s planned bank.

The stake follows a $500 million investment in World Liberty Financial that Tahnoon backed last year. That deal reportedly gave the investors a 49% interest in the company, according to earlier Journal reporting. The latest ownership arrangement adds another significant link between the Trump-backed crypto venture and a high-ranking UAE government official.

World Liberty Financial’s Banking Plan

The Office of the Comptroller of the Currency recently granted preliminary conditional approval for World Liberty Financial to create a federally chartered national trust bank, the Journal reported on Aug. 27.

The planned bank would play a central role in World Liberty Financial’s USD1 stablecoin operations, with responsibilities including issuing, redeeming and safeguarding the dollar-backed token launched by the company last year.

The regulatory step gives the proposed bank an important position within World Liberty Financial’s stablecoin strategy. At the same time, the reported ownership structure has raised interest because investors linked to Tahnoon are said to hold the largest position in the holding company established for the banking venture.

The reported 49% interest mirrors the previously disclosed 49% ownership stake in World Liberty Financial. According to the Journal, an entity associated with Tahnoon and his investment partners is the largest shareholder in the holding company created for the proposed bank.

Tahnoon serves as the United Arab Emirates’ national security adviser and is the brother of UAE President Sheikh Mohamed bin Zayed al Nahyan. The Journal has reported that Tahnoon oversees a vast business network backed by personal and state-linked wealth exceeding $1.3 trillion.

Despite the size of the reported stake, the available reporting does not explain the extent of the investors’ governance powers. Details about the proposed bank’s board, voting structure, veto rights and other control mechanisms have not been disclosed. These factors would help determine whether the ownership position gives investors meaningful influence over the bank’s decisions.

What the Reported Ownership Means

The deal underscores a significant financial relationship between World Liberty Financial and investors linked to a senior UAE official. However, the reporting does not show that Tahnoon personally manages the proposed bank or controls its daily operations.

Tahnoon has been described as the “spy Sheikh” in some media reports. The Journal’s coverage identifies him as the UAE’s national security adviser and details his connection to the investment, but it does not establish a direct link between that nickname and operational control of the planned bank.

USD1 and the Proposed Bank

USD1 is World Liberty Financial’s dollar-backed stablecoin, launched last year. Under the OCC’s preliminary conditional approval, the proposed national trust bank would handle the stablecoin’s issuance, redemption and custody.

The bank would therefore become an important part of the company’s USD1 infrastructure. However, the reporting does not provide enough information to determine how the holding company’s ownership structure would affect individual banking functions or strategic decisions.

For now, the OCC’s preliminary approval marks a major step toward establishing World Liberty Financial’s U.S. bank, while its final governance framework and the practical influence of its major investors remain unclear.