‘spy Sheikh’ Holds Major Stake In Trump Family’s New Crypto Bank: Report

An Abu Dhabi royal known as the “spy sheikh” is reportedly behind the largest shareholder stake in the Trump family’s latest push into banking through its cryptocurrency company, World Liberty Financial.

Sheikh Tahnoon bin Zayed al Nahyan and other investors make up StringZ Holding RSC, which owns 49% of WLTC Holdings, the entity established for World Liberty’s banking operation, The Wall Street Journal reported Thursday, citing people familiar with the matter. A Trump family-affiliated entity owns another 38%.

Tahnoon, the brother of the United Arab Emirates’ president and the country’s national security adviser, previously backed a $500 million investment for a 49% stake in World Liberty. That deal was signed four days before President Donald Trump returned to office and ultimately directed $263 million to Trump family entities, according to Trump’s financial disclosure.

This latest revelation comes after the Office of the Comptroller of the Currency gave World Liberty preliminary conditional approval this month to establish a federally chartered national trust bank. The company must still clear additional requirements and an OCC examination before beginning operations.

The bank would allow World Liberty to directly issue and manage USD1, its dollar-backed stablecoin, which currently has a market value of roughly $4 billion. According to the Journal, World Liberty says the assets supporting the coin are held in U.S. Treasurys and other cash equivalents, which generate an estimated $150 million annually in interest.

World Liberty CEO Zach Witkoff, the son of Trump Middle East envoy Steve Witkoff, said the company aims “to build the most trusted and widely used digital dollar in the world.”

The arrangement has drawn scrutiny from Democrats and ethics experts, the paper notes, particularly as the Trump administration has negotiated with the UAE over access to advanced American AI chips. Tahnoon also controls G42, the state-backed artificial intelligence company that received approval from the Trump administration to purchase U.S. chips.

The White House denied any conflict to the Journal, saying Trump “only acts in the best interest of the American public.”

In June, the president revealed that his family’s cryptocurrency businesses brought in a whopping $1.4 billion last year.

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