WASHINGTON, D.C. — World Liberty Financial (WLFI), a financial protocol supported by former President Donald Trump and his family, introduced its stablecoin at a cryptocurrency event in Washington on Wednesday. Lawmakers were also present, offering updates on the progress of U.S. regulatory efforts in the industry.
Donald Trump Jr. participated via video link, expressing his enthusiasm for the digital asset technology that supports the initiative.
“I’m really thrilled about what this could imply for the future of banking and our financial systems,” Trump stated. “While I benefitted from traditional methods, that doesn’t necessarily mean they’re the most effective.”
This week, the company announced the launch of its USD1 stablecoin, set to debut on both Ethereum and the Binance-linked BNB Chain. This announcement coincides with Congress advancing legislation aimed at regulating stablecoins within the United States; many of the lawmakers involved were also attending the same D.C. Blockchain Summit, organized by the Digital Chamber.
“We’re eager for everyone to experience our stablecoin,” said Zach Witkoff, one of the co-founders of World Liberty Financial. “I firmly believe that both retail consumers and institutions will really engage with the product.”
The event in Washington provided a prominent platform for the Trump-affiliated venture, which was followed by remarks from two Republican lawmakers key to the potential enactment of the stablecoin legislation — Sen. Tim Scott and Rep. French Hill. Their proposed legislation might eventually seek approval from Donald Trump, creating a close alignment between the lobbying objectives of the industry and the Trump family business.
“You can’t achieve lasting change in policy through executive action,” Hill noted. “That’s why leaders in the Senate and House are working to craft a stablecoin framework that could position America as the leading home for dollar-backed stablecoins.”
The House is also nearing the reintroduction of a comprehensive market structure bill, after a substantial number of Democrats joined Republicans in approving similar legislation last year.
“Using stablecoins is just as secure as a bank account, without all the extra complications,” Trump Jr. remarked, pointing out the “potential trillions” wasted in sustaining traditional banking systems. “This has limitless possibilities.”
The World Liberty protocol aims to create a blockchain-based platform that allows users to borrow and lend cryptocurrencies, establish liquidity pools, and conduct transactions with stablecoins. However, it also envisions a bolder retail application.
“Our aspiration is for you to be able to walk into your local deli and purchase a ham sandwich using stablecoins,” Witkoff stated.