While the crypto world has seen its fair share of political figures dipping their toes into blockchain waters, former President Donald Trump has made a definitive splash with the quiet launch of USD1, a new stablecoin deployed on both Ethereum and BNB Chain networks. The dollar-pegged cryptocurrency, developed by World Liberty Financial where Trump serves as Chief Crypto Advocate, was discovered publicly only after being deployed for nearly three weeks, with a current supply of approximately $3.5 million across both blockchains.
This launch marks a significant pivot for Trump, who previously criticized cryptocurrencies before embracing the technology. World Liberty Financial, launched in September 2024, has already raised an impressive $550 million through two token sales, with the Trump family controlling 60% of the company’s equity. The stablecoin represents just one piece of their ambitious DeFi ecosystem, which includes lending markets and partnerships with established protocols like Aave and Chainlink. Like many fiat-collateralized stablecoins, USD1 requires regular audits to maintain transparency and trust in its reserves. USD1 adds another dimension to Trump’s crypto ventures, which already included NFTs and a memecoin before expanding to stablecoins.
From fierce crypto critic to DeFi revolutionary, Trump’s digital pivot shows the power of blockchain to transform even its biggest skeptics.
Behind the scenes, notable figures have played key roles in USD1’s development. Zach Witkoff co-founded World Liberty Financial, while his father Steve Witkoff, Trump’s special diplomatic envoy, helped launch the project. The company will allocate 75% of revenues to a Trump-owned entity, potentially increasing his personal wealth significantly while in office. The stablecoin gained additional attention when former Binance CEO Changpeng Zhao highlighted its existence, and crypto entrepreneur Justin Sun subsequently invested $30 million in the company.
USD1 enters a competitive landscape where stablecoins have grown exponentially, with the total market cap exceeding $200 billion in early 2025. While USDT and USDC remain dominant forces, USD1’s timing coincides with regulatory tailwinds from the proposed GENIUS Act, legislation expected to reach Trump’s desk by June 2025 that would facilitate stablecoin operations in the US.
Though currently not tradeable according to official statements, blockchain explorers show USD1’s smart contracts actively testing cross-chain functionality and interacting with major market makers like Wintermute. The project’s success could potentially bridge traditional finance with cryptocurrency markets, while simultaneously raising questions about conflicts of interest as Trump balances his roles as both politician and crypto advocate.
