The WLFI price retreated sharply even as the developers applied for a national banking charter with the Office of the Comptroller of the Currency (OCC). It retreated to $0.1657, down sharply from this week’s high of $0.1806.
World Liberty Financial Applies for a National Banking Charter
The WLFI token retreated as the crypto market crash restarted, with Bitcoin and other altcoins falling.
This decline occurred after the developers applied for a National Banking Charter in the United States. The purpose of this charter is to establish the World Liberty Trust Company, which will specialize in stablecoin payments. With this charter, the company aims to serve a range of clients, including institutional investors. In a statement, the company said:
“Over time, that can enable more direct institutional participation, stronger consumer protections, and broader use in regulated payment and settlement flows, always subject to supervisory approval.”
World Liberty Financial joins other companies that have applied for and received the national banking charter, including Ripple Labs, Paxos, Fidelity, and First National Digital Currency. Coinbase also recently applied for a banking charter.
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The application comes at a time when the USD1 stablecoin continues growing. Data show that the supply of the USD1 stablecoin has jumped to $3.1 billion, with most of it tied up in the $2 billion associated with MGX’s investments in Binance.
The number of USD1 stablecoin addresses rose to 393.7k, while transactions rose to nearly 50 million. Most notably, the adjusted volume rose to $10.1 billion, higher than Ripple USD’s $3.3 billion.
WLFI Price Technical Analysis
The 12-hour chart shows that the WLFI price has pulled back, moving from a high of $0.1821 to the current $0.1667. It has moved below the important support level at $0.1735, its highest swing in November last year.
World Liberty Financial token remains above the 50-period and the Supertrend indicator. It also remains above the ascending trendline connecting the lowest swings since November last year.
The token seems to be forming a bullish flag pattern, a common continuation sign in technical analysis. Therefore, the outlook is bullish, with the next key resistance level to watch at $0.20, which is 21% above the current level.
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