President Donald Trump鈥檚 is expanding with the recent announcements of a new dollar-backed stablecoin and investment funds for digital assets. The moves are the latest in the norm-defying ways the president has leaned into crypto projects that could significantly boost his personal wealth while in office.
World Liberty Financial, a cryptocurrency venture Trump helped launch last year, that it plans to launch USD1, a stablecoin pegged at a 1-to-1 ratio to the U.S. dollar.
Stablecoins are among the segments of the cryptocurrency industry. They are typically backed by a government-issued currency, like the dollar, or to gold, making them better suited to commercial transactions than more volatile digital assets like bitcoin or other cryptocurrencies.
鈥淲e鈥檙e offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions,鈥� Zach Witkoff, a World Liberty Financial co-founder, said in a statement Tuesday.
World Liberty鈥檚 announcement comes amid a push by Congress, with strong support by the White House, that supporters say would make it easier for stablecoin companies to operate and grow in the U.S.
Witkoff and his father, Trump鈥檚 special diplomatic envoy Steve Witkoff, World Liberty Financial with Trump and his sons last year. Under the terms outlined on the company鈥檚 website, a Trump-owned company has the 鈥渞ight to receive 75% of the net protocol revenues鈥� from World Liberty Financial after expenses.
On Monday, Trump Media & Technology Group Corp. announced it was partnering with the crypto-trading firm Crypto.com to launch exchange-traded funds for investors to purchase. The funds, which are set to be released later this year, will include a 鈥渦nique ETF basket of cryptocurrencies鈥� as well as 鈥渟ecurities with a Made in America focus spanning diverse industries such as energy,鈥� TMTG said in .
TMTG is the parent company of Trump鈥檚 social media company, Truth Social. Trump has no decision-making role at the company, but he owns a majority stake and is its largest shareholder. TMTG鈥檚 stock price jumped following the announcement.
The recent announcements add to a growing list of crypto-related projects that Trump has endorsed in ways that for a public office holder.
Just days before taking office, Trump his own meme coin that initially saw a massive price spike followed by a prolonged slide. Meme coins are highly speculative assets that often start as a joke and have no real value. Trump has online watch and sneaker stores that have branched out into selling crypto-related Trump products, including a 鈥淐rypto President鈥� timepiece that sells for $100,000.
Once a crypto skeptic, Trump has since embraced digital assets and the U.S. the 鈥渨orld capital鈥� for cryptocurrencies. He鈥檚 taken several to help boost the crypto industry, which spent heavily to help Trump win last year鈥檚 election and has emerged as a potent political force.
Before taking office, the Trump family business ethics agreement that prohibits the president from 鈥渄ay-to-day鈥� decision making of his companies and limits financial information shared with him. But that agreement doesn't bar him from promoting his crypto-related products, like he did on social media Sunday his meme coin.
鈥淚 LOVE $TRUMP 鈥� SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!!,鈥� Trump said on Truth Social, which briefly caused a spike in the meme coin鈥檚 price.
Alan Suderman, The Associated Press
