Donald Trump is becoming the face of cryptocurrency with the launch of his latest venture, $USD1

His face isn't on any U.S. bill, but President Donald Trump is becoming the new face of cryptocurrency.

President Donald Trump's face may not be on any U.S. bill, but he's quickly becoming the new face of cryptocurrency.

After announcing his latest venture, Trump's World Liberty Financial, and the latest "Trump coin" is $USD1.

How much is the new Trump coin worth? Each $USD1 coin is intended to be worth $1.

$USD1, launched Tuesday by Trump's crypto venture, is a dollar-pegged "stablecoin" fully backed by U.S. Treasuries, dollars and other cash equivalents, the company said in a news release.

Stablecoins are cryptocurrencies that peg their market value to some external reference, according to financial and investment media website Investopedia. Their relative stability, compared to other volatile cryptocurrencies, makes them more useful for transactions or for maintaining reserve assets.

The new Trump coin serves a similar purpose as $USDT, or Tether, a stablecoin that is also pegged to the U.S. dollar at a 1:1 ratio. Each $USDT token is claimed to be backed by cash at an equivalent U.S. dollar value.

The launch of $USD1 follows $TRUMP, a "meme coin" Trump launched days before his inauguration. Meme coins generally have no intrinsic value, according to Investopedia.

Unlike $USD1, which is intended to be stable, the value of $TRUMP has consistently depreciated following a massive, short-lived surge. Two days after $TRUMP launched, its value peaked at $69.76 per token. On Friday, its value was $10.22 per token.