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World Liberty Financial, a self-described crypto banking platform backed by the US president and his sons, has launched its own stablecoin pegged to the dollar.
The company was co-founded by Zach Witkoff, son of the Middle East envoy Steve Witkoff, and lists Trump as its “chief crypto advocate”.
Trump’s youngest son Barron is described as a “DeFi [decentralized finance] visionary”, while Eric and Don Jr serve as “Web3 ambassadors”.
Witkoff said the cryptocurrency, called USD1, is “underpinned by the credibility and safeguards of the most respected names in traditional finance”.
Corey Frayer, a former crypto adviser to the US financial regulator, told Tortoise that World Liberty Financial will profit “by tricking consumers into giving them real money and handing consumers potentially worthless Monopoly money in return”.
How much the Trumps will profit is unclear. But stablecoins are big business: Tether, the company behind the world’s biggest stablecoin, reported $13 billion in earnings in 2024.
Further listening: The $Trumpcon
