If a $5 billion stablecoin issuer doesn’t have the authority to mint or redeem stablecoins, nor the ability to enable 1:1 fee-free conversions between USD and the stablecoin, and only owns the brand and ecosystem, then that stablecoin is essentially operating like a factory without a production license. This is the current state of WLFI. All the core processes directly tied to money—like minting, custody, conversion, and burning of stablecoins—are entirely outsourced to a third party, BitGo, and they even have to pay fees for it. That’s why WLFI is applying for a national trust bank license this time, to fill in this missing piece. By handling everything in-house, from branding to issuance, they’ll no longer need to pay middlemen fees, which will reduce operational costs and increase flexibility.