{"id":267583,"date":"2025-03-26T23:41:31","date_gmt":"2025-03-26T23:41:31","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/03\/26\/trump-familys-world-liberty-financial-crypto-venture-to-launch-stablecoin\/"},"modified":"2025-03-26T23:41:31","modified_gmt":"2025-03-26T23:41:31","slug":"trump-familys-world-liberty-financial-crypto-venture-to-launch-stablecoin","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/03\/26\/trump-familys-world-liberty-financial-crypto-venture-to-launch-stablecoin\/","title":{"rendered":"Trump Family’s World Liberty Financial Crypto Venture to Launch Stablecoin"},"content":{"rendered":"
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Donald Trump’s World Liberty Financial crypto venture will launch a dollar-pegged stablecoin, it said in a statement on Tuesday, after raising more than half a billion dollars from selling a separate digital token.<\/p>\n

The stablecoin, called USD1, will be fully backed by US Treasuries, dollars and other cash equivalents and is designed to keep a value of $1 (roughly Rs. 85), World Liberty<\/a> said in the statement.<\/p>\n

Dollar-pegged stablecoins such as Tether<\/a> and USDC have ballooned in recent years and now act as a key cog in the multi-trillion dollar crypto trading industry, helping move funds between different cryptocurrencies or into regular cash.<\/p>\n

Stablecoins<\/a> in circulation currently total over $237 billion (roughly Rs. 20,33,814 crore), according to data provider CoinGecko.<\/p>\n

The tokens have become lucrative for their issuers in recent years as interest rates spiked. Tether, the issuer of the world’s biggest stablecoin, made over $13 billion (roughly Rs.\u00a01,11,559 crore) in profits last year.<\/p>\n

Zach Witkoff, World Liberty’s co-founder, said “sovereign investors and major institutions” would be able to integrate USD1 “into their strategies for seamless, secure cross-border transactions.”<\/p>\n

USD1 will be “fully backed by a reserve portfolio audited regularly by a third-party accounting firm,” World Liberty said, without giving details of the accounting firm, or the date of its launch.<\/p>\n

Founded two months before his victory in the US presidential election, World Liberty’s creation was announced by Trump<\/a>, his three sons and the wealthy real estate businessman Steve Witkoff, who is the father of Zach and now Trump’s Middle East envoy.<\/p>\n

Trump, who campaigned on promises to be a “crypto president,” has pledged to overhaul US rules on crypto and reverse a crackdown on the sector that took place under former President Joe Biden.<\/p>\n

His crypto business interests, which include a so-called meme coin launched in January, have drawn criticism from government ethics experts and political opponents over potential conflicts of interest.<\/p>\n

Bitgo and Binance<\/strong><\/p>\n

The World Liberty venture, which aims to allow people to access financial services without intermediaries like banks, said last week it has raised $550 million (roughly Rs. 4,719 crore) selling a crypto coin known as $WLFI.<\/p>\n

Kevin Lehtiniitty, CEO of New York payments infrastructure firm Borderless.xyz said USD1 would face stiff competition from incumbents such as Tether and US firm Circle, the issuer of USDC.<\/p>\n

“While launching a stablecoin is easy, building an ecosystem that adopts it is a far harder task,” he said. “Is the President competing with other American businesses or will they find ways to partner?”<\/p>\n

USD1’s reserves will be held in custody by California-based BitGo<\/a>, World Liberty said. BitGo’s prime brokerage service will support USD1 by “providing institutional clients with access to deep liquidity and trading,” it added.<\/p>\n

USD1 will be launched on the Ethereum<\/a> and Binance<\/a> Smart Chain blockchains – digital ledgers that underpin the movement of crypto coins. World Liberty plans to launch USD1 on other blockchains in the future, it added.<\/p>\n

Binance, the world’s biggest crypto exchange, launched its so-called Smart Chain in 2020. It is the world’s fourth-largest blockchain by the value of assets held on it, according to CoinGecko.<\/p>\n

Binance’s founder and former CEO Changpeng Zhao<\/a> was last year sentenced to four months in a US\u00a0prison, after pleading guilty to violating US laws against money laundering.<\/p>\n

Binance paid a $4.3 billion (roughly Rs.\u00a036,899 crore)\u00a0fine after US\u00a0prosecutors said it had welcomed criminals and failed to report over 100,000 suspicious transactions with designated terrorist groups.<\/p>\n

A spokesperson for Binance did not immediately respond to a Reuters request for comment about how the partnership came about.<\/p>\n

\u00a9 Thomson Reuters 2025<\/em><\/p>\n

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)<\/i><\/p>\n<\/div>\n


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Donald Trump’s World Liberty Financial crypto venture will launch a dollar-pegged stablecoin, it said in a statement on Tuesday, after raising more than half a billion dollars from selling a separate digital token. The stablecoin, called USD1, will be fully backed by US Treasuries, dollars and other cash equivalents and is designed to keep a […]<\/p>\n","protected":false},"author":2,"featured_media":267584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/i.gadgets360cdn.com\/large\/large_-_2025-02-12T190506279_1739367355929.jpg","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[4251,8353,205619,17589,4073,254,25587,44122,52,205620,3687,1052,109021],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/267583"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=267583"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/267583\/revisions"}],"predecessor-version":[{"id":267585,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/267583\/revisions\/267585"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/267584"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=267583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=267583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=267583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}