Trump family crypto firm launches stablecoin

World Liberty Financial, a cryptocurrency venture created by President Trump and his sons, announced plans Tuesday to launch a stablecoin.  

The stablecoin, USD1, will be pegged to the U.S. dollar. Stablecoins are cryptocurrencies tied to assets, like fiat currency, to maintain a more stable price.  

“Meet USD1 — the stablecoin your portfolio’s been waiting for,” World Liberty Financial wrote on the social platform X. “Built for institutions and retail alike. Backed by dollars. Custodied by BitGo. No games. No gimmicks. Just real stability.” 

The Trump family unveiled its crypto venture last September in the final months of the president’s campaign, during which Trump emerged as a key proponent of the industry. 

World Liberty Financial revealed last week that it brought in $550 million from two sets of token sales. A company connected to Trump can receive 75 percent of its revenues. 

The president’s embrace of the industry has translated into other crypto ventures for himself and his family in recent months. He and first lady Melania Trump launched tokens, widely considered meme coins, just days before Trump’s inauguration. 

Trump Media and Technology Group, Truth Social’s parent company, also announced Monday a new partnership with Crypto.com to launch a series of exchange traded funds (ETFs).

The ETFs are set to compromise digitals assets and securities “with a Made in America focus spanning diverse industries such as energy,” according to a press release. 

The president owns about 115 million shares in Trump Media that currently sit in a trust, while his son Donald Trump Jr. sits on the company's board of directors.

President Trump has also set about creating a crypto-friendly administration in his first two months in office.  

Earlier this month, he hosted industry leaders at the White House with his artificial intelligence and crypto czar David Sacks and signed an executive order to create a bitcoin reserve and digital asset stockpile.