Sheikh Tahnoon bin Zayed al Nahyan and his co-investors are reportedly behind an entity that holds a 49% interest in the holding company established for World Liberty Financial’s proposed U.S. banking venture, according to people familiar with the matter cited by The Wall Street Journal.
The ownership position reportedly makes investors connected to Tahnoon the largest shareholders in the holding company being formed to oversee the bank planned by the Trump family-backed crypto venture.
The reported arrangement comes after Tahnoon backed a $500 million investment in World Liberty Financial last year in return for a 49% stake in the company, the Journal previously reported. The latest development further deepens the financial ties between the Trump-linked crypto business and a senior official from a foreign government.
Why the Trump Crypto Bank Matters
Earlier this month, the Office of the Comptroller of the Currency granted preliminary conditional approval for World Liberty Financial to establish a federally chartered national trust bank, according to the Journal’s Aug. 27 report. The proposed institution would be responsible for issuing, redeeming and safeguarding USD1, the dollar-pegged stablecoin launched by World Liberty Financial last year.
The preliminary approval puts the proposed bank at the heart of World Liberty Financial’s stablecoin operations. It also draws attention to the ownership structure of the holding company established for the banking project, where investors linked to Tahnoon reportedly hold the largest stake.
The 49% position in the banking venture’s holding company mirrors Tahnoon-linked investors’ previously reported 49% ownership interest in World Liberty Financial itself. According to the Journal, the entity controlled by Tahnoon and his co-investors holds the largest ownership position in the holding company created for the proposed bank.
Tahnoon serves as the United Arab Emirates’ national security adviser and is the brother of the country’s president. The Journal has reported that he oversees an extensive business empire backed by both his personal wealth and state funds, with assets exceeding $1.3 trillion.
While the report outlines the size of the ownership interest and identifies the investors connected to it, it does not disclose the proposed bank’s board structure, governance arrangements or potential veto rights tied to the stake. Those factors would be significant in determining how the ownership position could influence the bank’s operations.
What the Reporting Shows
The available reporting points to a substantial financial connection between World Liberty Financial and investors associated with a senior UAE government official. However, it does not demonstrate that Tahnoon personally controls the planned bank’s daily operations or determines its U.S. regulatory approach.
Tahnoon has occasionally been described by media outlets as the “spy Sheikh.” The Journal’s reporting on the proposed banking venture identifies him as the UAE’s national security adviser and details the ownership interest, but it does not establish that the nickname has any connection to operational control over World Liberty Financial’s planned bank.
USD1’s Role in the Proposed Bank
USD1 is the dollar-backed stablecoin issued by World Liberty Financial and launched last year. Under the OCC’s preliminary conditional approval, the planned federally chartered national trust bank would handle the token’s issuance, redemption and custody.
The reporting explains the proposed bank’s role in supporting USD1 but offers limited information about its governance framework or how ownership of the holding company would translate into control over individual banking activities. As a result, the preliminary approval represents a major step for the proposed institution, while several important operational and governance questions remain unanswered.
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