Trump’s Crypto Venture Launches New USD1 Stablecoin
World Liberty Financial, the cryptocurrency venture founded by Donald J. Trump and his sons, has unveiled a stablecoin, furthering the former president’s involvement in an industry his administration regulates.
Eric Trump at the Bitcoin MENA conference in Abu Dhabi, United Arab Emirates, in December. Credit…Tamir Kalifa for The New York Times
The company announced on Tuesday its plans to sell the digital currency, set to be known as USD1, according to a social media post. No specific launch date was provided. Stablecoins are designed to maintain a consistent value of $1, making them popular for various crypto transactions.
“No games. No gimmicks. Just real stability,” World Liberty stated on its X account, promoting the forthcoming stablecoin.
This marks the fourth digital currency that Trump and his business partners have offered to the public in the past year. Currently, World Liberty markets WLFI, a cryptocurrency that reportedly generated $550 million in sales this month. A business entity connected to Trump receives a 75 percent cut of these sales.
Prior to his inauguration, Trump began selling a memecoin, a digital currency inspired by online jokes. Melania Trump ventured into the market with her own memecoin the same weekend. In recent months, Trump has also integrated crypto into his social media platform, Trump Media & Technology Group, the parent company of Truth Social. Trump Media recently publicized a collaboration with Crypto.com, a digital currency trading platform, to provide investment products that include cryptocurrency.
This aggressive foray into the crypto market is occurring while Trump’s administration eases enforcement on crypto companies, easing regulations. Government ethics experts have voiced concerns that his efforts to benefit from an industry he oversees create a significant conflict of interest.
