The Donald Trump-backed crypto enterprise World Liberty Monetary launched a US dollar-pegged stablecoin with a complete provide of greater than $3.5 million.
In keeping with information from Etherscan and BscScan, the undertaking launched the World Liberty Monetary USD (USD1) token in early March. Former Binance CEO Changpeng “CZ” Zhao famous the undertaking’s sensible contract was deployed on the BNB Chain and Ethereum, whereas World Liberty said the stablecoin was “not at the moment tradeable.”
The USD1 stablecoin launch comes as US lawmakers contemplate passing the Guiding and Establishing Nationwide Innovation for US Stablecoins, or GENIUS, Act. The invoice moved out of the Senate Banking Committee on March 13 and is anticipated to be taken up for a full ground vote quickly.
Bo Hines, the manager director of the President’s Council of Advisers on Digital Belongings, said he expected the GENIUS bill on Trump’s desk by June.
Former Binance CEO acknowledging the USD1 launch. Supply: Changpeng Zhao
For the reason that launch of the platform in September 2024, many features of World Liberty’s intentions have been shrouded in secrecy. The undertaking’s web site notes that the US President and a few of his members of the family management 60% of the corporate’s fairness pursuits. As of March 14, World Liberty has completed two public token sales, netting the corporate a mixed $550 million.
The launch of the stablecoin on the BNB Chain got here amid reviews that the Trump household held talks with Binance about buying a stake within the crypto alternate and individually granting a presidential pardon to Zhao. CZ has denied reports of a deal between Binance.US and Trump and a pardon.
Conflicts of curiosity in Trump’s crypto ventures?
Earlier than the undertaking’s first public token sale in October 2024, World Liberty confronted scrutiny from US policymakers, accusing Trump of conflicts of curiosity whereas operating for workplace.
Days after Trump gained the US presidential election, Tron Founder Justin Solar announced he would invest $30 million in World Liberty, doubtless resulting in his place as an adviser to the agency. After Trump took workplace on Jan. 20 and Commissioner Mark Uyeda started main the US Securities and Change Fee as appearing chair, the regulator asked a federal court to pause its case towards Solar “to discover a possible decision.”
Solar and three of his corporations confronted allegations from the SEC of promoting unregistered securities. Different executives at crypto corporations who backed Trump and Republicans within the 2024 elections — some with monetary contributions — together with from Coinbase and Ripple, have since seen their SEC enforcement actions dropped beneath Uyeda.
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World Liberty’s launch comes because the stablecoin market continues to develop. On-line analytics platforms Artemis and Dune confirmed that the variety of lively stablecoin wallets increased by more than 50% from February 2024 to February 2025. The overall market capitalization of stablecoins additionally surpassed $200 billion in January, with Tether (USDT) and USDC remaining two of the preferred ones in the marketplace.
Journal: Trump’s crypto ventures raise conflict of interest, insider trading questions
