TLDR
- The Trump-backed World Liberty Financial has launched a USD1 stablecoin on both Ethereum and BNB Chain
- USD1 currently has a total supply of about $3.5 million but is “not currently tradeable”
- World Liberty Financial has raised $550 million through two public token sales
- The project’s stablecoin launch comes as US lawmakers consider the GENIUS Act for stablecoin regulation
- Critics have raised ethics concerns about potential conflicts of interest with President Trump’s crypto ventures
President Donald Trump’s crypto venture World Liberty Financial has quietly launched a US dollar-pegged stablecoin called USD1 on both the Ethereum and BNB Chain networks. The token, which currently has a supply of around $3.5 million, appeared on blockchain networks in early March without a formal announcement.
The launch was first brought to public attention when former Binance CEO Changpeng “CZ” Zhao posted about it to his 10 million followers on X. World Liberty Financial then confirmed the token’s existence but warned that “USD1 is not currently tradeable” and urged users to “beware of scams.”
Welcome to @BNBChain!
According to BSCScan, the smart contract was deployed 20 days ago. Build! 👏https://t.co/qr22y4pXqE https://t.co/J0TvwEnUin
— CZ 🔶 BNB (@cz_binance) March 24, 2025
World Liberty Financial began its crypto journey in August 2024 as one of several Trump-family backed digital asset projects. The venture focuses on decentralized finance (DeFi), which aims to recreate banking services like lending and borrowing on blockchain networks.
The project has already conducted two public token sales for its governance token $WLFI. These sales have brought in a combined $550 million from investors. Trump is listed as “Chief Crypto Advocate” for the project.
The Trump family maintains control of 60% of the company’s equity interests, according to the project’s website. This family-heavy involvement includes the president’s sons—Barron, Eric, and Donald Jr.—who serve as “Web3 Ambassadors” for the platform.
Other key players include Trump loyalist and real estate magnate Steve Witkoff and his sons Alex and Zach as cofounders. DeFi developers Zak Folkman and Chase Herro, who previously worked on Dough Finance, are also listed as cofounders of the venture.
Stablecoins represent one of the most profitable areas of the cryptocurrency market. These tokens maintain a steady value by being backed with reserves like cash or Treasury bills. Major stablecoin issuers have reported massive profits with minimal staff.
Tether, the company behind the largest stablecoin USDT, reported $13 billion in profits for 2024 with only about 100 employees. Circle, which issues USDC, is reportedly planning to go public after its success in the stablecoin market.
The launch coincides with movement on stablecoin regulation in Washington. The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) moved out of the Senate Banking Committee on March 13 and is expected to reach a full floor vote soon.
Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, has stated he expects the GENIUS bill to reach Trump’s desk by June. The timing suggests the administration is moving quickly to establish a regulatory framework that could benefit its own crypto ventures.
USD1 Token
Blockchain data shows that addresses linked to major crypto firms Wintermute and BitGo have interacted with the USD1 token. These interactions suggest the team may be testing the stablecoin with industry partners before making it publicly available for trading.
Ethics experts have raised concerns about potential conflicts of interest with the president’s involvement in cryptocurrency projects. Critics point to the case of Tron founder Justin Sun, who announced a $30 million investment in World Liberty shortly after Trump won the 2024 election.
Following Trump’s inauguration and the appointment of Mark Uyeda as acting chair of the SEC, the regulator asked a federal court to pause its case against Sun “to explore a potential resolution.” Sun had been facing allegations of selling unregistered securities.
Other executives from crypto companies who backed Trump during the 2024 election cycle have also seen enforcement actions dropped under Uyeda’s leadership. This pattern has fueled concerns about preferential treatment for political allies in the crypto space.
The stablecoin market has seen massive growth over the past year. Data from Artemis and Dune showed that active stablecoin wallets increased by more than 50% from February 2024 to February 2025. The total market cap of stablecoins surpassed $200 billion in January 2025.
