World Liberty Financial, a venture backed by the family of US President Donald Trump, took centre stage on Wednesday at the world’s largest cryptocurrency event in Singapore, as Trump’s eldest son and his business partner promoted the firm’s USD1 stablecoin and its potential for “dollarising the world”.
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At Token2049, World Liberty Financial co-founders Donald Trump Jnr and Zach Witkoff, who serves as CEO, received rock star treatment from a cheering audience, as they touted the success of USD1, a stablecoin backed by US Treasury securities, as a tool to defend the US dollar’s global role.
“It was a year ago on this very stage, they were making fun of what we’re trying to do, and now we’re the fastest growing stablecoin ever,” Trump, 47, said. “I think we’re doing pretty good”.
While stressing that World Liberty Financial was not a political entity, Trump said the venture’s stablecoin “definitely benefits America”.
He pointed out that promoting the use of USD1 would “create and maintain the dollar hegemony that’s allowed America to lead … and to have the power over the world that has kept so many places safe, sound and strong”.
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The Trump-led venture’s push for USD1 adoption reflects the current state of the world’s stablecoin market, which is dominated by tokens backed by US assets.
Tether Holdings’ USDT, for example, is at the forefront of stablecoins – digital assets that peg its value to fiat currencies. Its USDT token, tied to the US dollar, is the world’s largest with a market value of US$172 billion. Circle internet Group’s USDC stablecoin, meanwhile, is worth about US$74 billion.