Author: Nikka, WolfDAO

## Bank License: The Precise Calculation of a Perpetual Franchise

The Trump family's choice is quite interesting — applying for a national trust bank license instead of hyping Meme coins or endorsing a certain NFT project. The logic behind this is worth unpacking.

Meme coins are quick money but also burn fast as attention monetization; stablecoin companies are essentially ordinary commercial entities. But a National Trust Bank (WLTC) is different — it is not just a participant in the financial system but part of the financial system itself.

Once approved by the OCC, WLTC can directly connect to the national payment system — this sounds simple, but what’s truly valuable is an extremely scarce right: providing crypto asset custody services for institutional clients. Custody services are a pressing need for traditional financial institutions entering the crypto world. Currently, the OCC has approved only a handful of pure crypto banks like Anchorage Digital. This is a highly demanded sector with high regulatory barriers and few competitors.

More importantly, the nature of the license itself. Political influence may fade after a change of administration, but a federal bank license is a permanent institutional asset — it can be transferred, used as collateral for financing, and generate continuous rental income. The Trump family’s application is not just for a project but for a financial franchise that can be passed down through generations.

The timing is also well-chosen. The advancement of the 2025 GENIUS Act and CLARITY Act lays a legal foundation for stablecoins and custody services. These legislations carry strong political backgrounds — the crypto industry has donated tens of millions to hundreds of millions of dollars to the Trump camp, creating a mutually reinforcing relationship.