Sheikh Tahnoon bin Zayed al Nahyan and his investment partners are reportedly behind a company that holds a 49% stake in the holding company established for World Liberty Financial’s planned U.S. banking operation, according to people familiar with the matter cited by The Wall Street Journal.

The reported stake makes investors connected to Tahnoon the largest shareholders in the holding company created for the Trump family-backed crypto venture’s proposed bank.

The arrangement follows a $500 million investment backed by Tahnoon in World Liberty Financial last year. The investment reportedly secured a 49% ownership position in the company, according to previous Journal reporting. The latest development further expands the financial relationship between the Trump-linked crypto business and a senior official from the UAE government.

Proposed Trump Crypto Bank Gains Regulatory Approval

The Office of the Comptroller of the Currency recently issued preliminary conditional approval for World Liberty Financial to establish a federally chartered national trust bank, according to an Aug. 27 report from the Journal.

The proposed bank would support World Liberty Financial’s USD1 stablecoin by handling its issuance, redemption and custody. USD1, which is backed by the U.S. dollar, was launched by the company last year.

The OCC’s preliminary approval represents a significant development for World Liberty Financial’s stablecoin strategy. It also puts greater focus on the ownership structure of the holding company established for the banking venture, where Tahnoon-linked investors reportedly have the largest share.

The 49% ownership position in the bank’s holding company follows the previously reported 49% stake in World Liberty Financial. The Journal said an entity associated with Tahnoon and his co-investors is the largest shareholder in the holding company created for the proposed financial institution.

Tahnoon serves as the UAE’s national security adviser and is the brother of UAE President Sheikh Mohamed bin Zayed al Nahyan. The Journal has reported that he oversees a sprawling business empire backed by personal wealth and state funds, with assets exceeding $1.3 trillion.

However, the reported ownership percentage does not clarify how much influence Tahnoon-linked investors would have over the bank. The reporting does not disclose the composition of the board, voting arrangements, governance rights or potential veto powers attached to the stake. Those factors could be important in determining the practical impact of the ownership structure.

What the Ownership Arrangement Reveals

The reported investment highlights a major financial connection between World Liberty Financial and investors linked to one of the UAE’s most influential officials. It does not establish that Tahnoon personally controls the bank’s daily operations or determines its U.S. regulatory strategy.

Tahnoon has been referred to as the “spy Sheikh” in some media coverage. However, the Journal’s reporting on the proposed bank focuses on his position as national security adviser and his investment connections. It does not indicate that the nickname reflects operational control of World Liberty Financial’s planned bank.

USD1 Remains Central to the Project

World Liberty Financial launched USD1 last year as a dollar-backed stablecoin. If the proposed bank moves ahead under the OCC’s conditional approval, it would oversee key functions involving the token, including issuance, redemption and custody.

The available reporting establishes the bank’s intended role within the USD1 ecosystem but provides limited information about its governance and ownership arrangements. It remains unclear how the holding company’s 49% stake would translate into control over specific banking decisions.

The preliminary OCC approval is therefore a key milestone for World Liberty Financial, while questions surrounding governance, investor rights and the bank’s eventual operating structure remain unresolved.