Former President Donald Trump Looks Set to Take On Crypto Behemoths Tether and Circle

The project has issued a stablecoin called World Liberty Financial USD (USD1) on the leading Layer 1 blockchains, Ethereum and BNB

President Donald Trump’s decentralized finance project World Liberty Financial (WLFI) has reportedly launched a stablecoin called World Liberty Financial USD (USD1) on two Layer 1 blockchains.

Trump's New Stablecoin Hits Two Layer 1s

According to blockchain data recently highlighted by an on-chain sleuth "DegenMind," the stablecoin was deployed on Ethereum and BNB Chain.

This comes as the Trump administration is pushing to have stablecoin regulations go live before the end of the year.

One such bill, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, advanced to a full Senate vote on Monday after clearing the Senate Banking Committee despite an attempt by Democrats to stall the legislation.

The Trump administration has thrown its weight behind a common argument of crypto proponents that dollar stablecoins will further solidify the U.S.’s role as the world’s reserve currency while also driving demand for U.S. debt instruments.

This viewpoint is in contrast to Democrats, who view these products as posing risks to the financial system and want to place tighter controls on them.

The administration’s stance was highlighted in a recent opinion piece in the Sunday, March 24 edition of the New York Times.

"Unlikely Allies Unite in a Last-Minute Effort to Block the Financial Innovation Bill," penned by Together for Values president Chad Osgood and Together for Values cofounder Charles Butler, stated that Democrats attempted to stall the bill with a "frivolous" point of order.

The move failed, and the bill now faces a vote in the coming week.

The Trump administration’s involvement in the crypto space has been a subject of interest.

Earlier this year, rumors swirled about Trump's potential involvement in a new crypto project, possibly a decentralized exchange.

The rumors emerged following a report by The Block, which claimed that several sources familiar with the matter said that Trump was planning to launch a crypto project later this year.

According to The Block, the project was expected to focus on developing a U.S.-based crypto exchange to compete with Binance and FTX.

The report also mentioned that Trump's son, Donald Trump Jr., was said to be spearheading the initiative and had already met with executives from major crypto firms, including FTX and Coinbase.

This move was seen as an attempt to assemble a team and secure endorsements for the project.

The Trump administration's decentralized finance project, World Liberty Financial (WLFI), has reportedly issued a stablecoin called World Liberty Financial USD (USD1) on the leading Layer 1 blockchains, Ethereum and BNB.

The project, which is said to be focused on developing new financial technologies and promoting economic freedom, has been the subject of rumors and speculation since its inception.

According to blockchain data recently highlighted by on-chain sleuth "DegenMind," the stablecoin was deployed on both chains and is being mined by members of the WLFI community.

The project's Telegram group was also seen discussing the new stablecoin, which is said to be designed to provide a stable and reliable store of value.

The development of the stablecoin was announced in a recent post by Binance founder Changpeng "CZ" Zhao on X, where he welcomed the new product—and possibly the WLFI project itself—to the BNB Chain.

"Welcome to @BNBChain!

According to BSCScan, the smart contract was deployed 20 days ago. Build! 👏" CZ wrote on Monday.

The Trump administration's involvement in the decentralized finance space has been a subject of interest in recent months.

Earlier this year, rumors swirled about Trump's potential involvement in a new crypto project, possibly a decentralized exchange, later this year.

The rumors emerged following a report by The Block, which claimed that several sources familiar with the matter said that Trump was planning to launch a crypto project.

According to The Block, the project was expected to focus on developing a U.S.-based crypto exchange to compete with Binance and FTX.

The report also mentioned that Trump's son, Donald Trump Jr., was said to be spearheading the initiative and had already met with executives from major crypto firms, including FTX and Coinbase.

This move was seen as an attempt to assemble a team and secure endorsements for the project.

However, the rumors were met with skepticism from some members of the crypto community, who pointed out that there was no official confirmation of the project or Trump's involvement.

Despite the skepticism, the rumors highlight the growing interest in decentralized finance projects among political and economic figures.

As the cryptocurrency industry continues to grow and evolve, it is likely that we will see even more involvement from unexpected quarters.