- World Liberty Financial, a crypto venture backed by the Trump family, will issue a new stablecoin.
- The USD1 token is one of several crypto assets attached to the Trump family.
- Trump Media & Technology shares are rising on an agreement with crypto.com.
The Trump family is diving into another corner of the crypto scene.
World Liberty Financial, the digital assets venture backed by President Donald Trump and his sons, is joining the stablecoin market with a token of its own.
Like other stablecoins already in the market, the USD1 coin will be pegged to the US dollar. Short-term Treasuries, dollar deposits, and cash equivalents will back the token, helping maintain its $1 value, the firm said in a press release on Tuesday.
“We’re offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions,” World Liberty co-founder Zach Witkoff said.
USD1 adds to a growing list of crypto assets attached to the Trump name.
The president has become a major ally of the industry, pushing friendly policies and sweeping away regulatory restrictions on the space.
Trump has also dabbled in the market himself. Ahead of the inauguration in January, he and first lady Melania Trump each issued their own meme coins that rallied aggressively before plunging.
Meanwhile, the family is reportedly in talks to buy a stake in the crypto exchange Binance. The new World Liberty stablecoin will be initially minted on the Binance Smart Chain and on the Ethereum blockchain.
Crypto analysts expect stablecoins to be among the early winners from Washington’s support of digital assets, and the administration has eyed stablecoin legislation as an opening move in its pro-crypto agenda.
The president is pushing deeper into crypto in other ways this week as well.
Shares of Truth Social parent Trump Media & Technology Group rose as much as 13% Tuesday morning after the company announced a partnership with crypto.com.
The Singapore-based crypto firm will provide Trump Media digital assets and tokens for its push into exchange-traded products. The ETFs will be focused on assets “Made in America.”
