Former President Donald Trump plunged headfirst into the crypto world with the August 2024 launch of World Liberty Financial, a venture firmly planting his flag in decentralized finance. The platform, which has already raised a staggering $550 million through token sales, lists Trump as “Chief Crypto Advocate.” Not exactly subtle branding.
The Trump family isn’t just lending their name to the operation—they control a whopping 60% of equity interests. Barron, Eric, and Donald Jr. serve as “Web3 Ambassadors,” whatever that means. Steve Witkoff and his sons are listed as cofounders, with BitGo handling the actual financial heavy lifting through custodial services.
Their flagship product, the USD1 stablecoin, launched on Ethereum and BNB Chain with a modest $3.5 million supply. The token’s smart contract was deployed 20 days before the official announcement. It’s pegged 1:1 to the dollar and supposedly backed by Treasury bills and cash equivalents. The stablecoin aims to provide stability in volatility within the cryptocurrency market. You can’t trade it yet, though. Convenient timing.
Ethics experts are raising eyebrows, and for good reason. Justin Sun poured $30 million into the venture after Trump’s election win, and suddenly the SEC’s case against him is on pause. Other crypto executives have seen enforcement actions dropped. Coincidence? Yeah, right.
When power and profit align, regulatory hurdles mysteriously disappear. Welcome to the new crypto reality.
The stablecoin market is already dominated by giants like Tether and USDC, which together control most of the $200 billion market. Tether alone reported profits of $13 billion in 2024. That’s the kind of cash Trump clearly wants a piece of.
Meanwhile, the GENIUS Act for stablecoin regulation is conveniently making its way to Trump’s desk by June 2025. World Liberty Financial will need to navigate complex regulatory oversight as governments increasingly scrutinize stablecoin issuers for reserve requirements and consumer protections. Bo Hines, leading the President’s Council on Digital Assets, will oversee implementation.
World Liberty Financial promises regular third-party audits and plans to expand to other blockchains. But building a functional ecosystem around yet another stablecoin won’t be easy. The company faces an uphill battle against established players, despite having the presidential seal of approval. Talk about mixing business with politics.
