Sheikh Tahnoon bin Zayed al Nahyan and his investment partners are reportedly linked to an entity that owns 49% of the holding company established for World Liberty Financial’s proposed U.S. bank, according to people familiar with the arrangement cited by The Wall Street Journal.
The stake reportedly makes investors associated with Tahnoon the largest shareholders in the holding company behind the Trump family-backed crypto venture’s planned banking business.
The ownership structure follows a $500 million investment Tahnoon supported in World Liberty Financial last year. In exchange, the investors received a 49% interest in the company, according to the Journal’s earlier reporting. The latest arrangement further strengthens the financial connection between the Trump-backed crypto project and a senior UAE government official.
Trump-Linked Crypto Bank Takes Shape
The Office of the Comptroller of the Currency recently granted preliminary conditional approval for World Liberty Financial to establish a federally chartered national trust bank, the Journal reported on Aug. 27.
The proposed institution would handle several core functions for USD1, World Liberty Financial’s dollar-backed stablecoin. Those responsibilities would include issuing the token, processing redemptions and holding the stablecoin in custody.
The regulatory approval represents an important step for World Liberty Financial as it builds out its stablecoin business. However, the ownership structure of the holding company behind the proposed bank has also emerged as a significant point of interest, given the large stake reportedly controlled by Tahnoon-linked investors.
The 49% interest in the bank’s holding company comes after the same investors obtained a reported 49% stake in World Liberty Financial itself. The Journal said the entity connected to Tahnoon and his partners is the largest shareholder in the holding company established for the banking operation.
Tahnoon is the UAE’s national security adviser and the brother of UAE President Sheikh Mohamed bin Zayed al Nahyan. The Journal has described his business network as an enormous empire backed by personal and state-linked wealth valued at more than $1.3 trillion.
Still, the reported ownership percentage does not by itself reveal the extent of the investors’ influence over the proposed bank. The available reporting does not disclose the bank’s board structure, voting rights, governance arrangements or whether the investors would have veto powers. Those details would be necessary to understand how the ownership stake could affect the bank’s decision-making.
What the Reported Deal Shows
The arrangement highlights a substantial financial relationship between World Liberty Financial and investors connected to a powerful UAE official. But the reporting does not establish that Tahnoon personally controls the proposed bank’s daily operations or directs its U.S. regulatory policies.
Tahnoon has been described in some media coverage as the “spy Sheikh.” However, the Journal’s reporting on the proposed bank identifies him primarily through his position as the UAE’s national security adviser and his investment connections. It does not establish that he would exercise operational control over World Liberty Financial’s planned banking entity.
USD1 Could Be the Bank’s Core Business
USD1 is World Liberty Financial’s dollar-backed stablecoin, which the company launched last year. Under the OCC’s preliminary conditional approval, the proposed national trust bank would be responsible for issuing, redeeming and safeguarding the token.
The reported structure gives the planned bank an important role in World Liberty Financial’s stablecoin operations. However, questions remain about how ownership of the holding company could translate into influence over individual banking activities.
For now, the OCC’s preliminary approval represents a major regulatory milestone for the Trump-linked crypto venture, while the bank’s final governance structure, ownership rights and operating arrangements remain unclear.
