A company linked to President Trump has been given preliminary approval to establish a federally chartered trust bank. This entity, World Liberty Financial, will be allowed to manage its own dollar-backed stablecoin. The stablecoin's value is tied to that of the US dollar.

The company's new charter has limitations, including a ban on taking deposits and making loans. Critics argue that the situation creates a conflict of interest, given the President's involvement in appointing industry regulators.

Further details about the approval and its implications are available from the source, including information about the company's ownership structure and the regulatory process.