US President Donald Trump is expanding his crypto empire with the launch of a new dollar-backed stablecoin and investment funds for digital assets. World Liberty Financial, a cryptocurrency venture Trump helped launch last year, announced plans to launch USD1, a stablecoin pegged at a 1-to-1 ratio to the US dollar.
Stablecoins are gaining popularity due to their lower volatility compared to other cryptocurrencies like bitcoin. The new stablecoin is expected to facilitate seamless and secure cross-border transactions for sovereign investors and major institutions.
The move comes as the White House pushes legislation to make it easier for stablecoin companies to operate in the US. Trump’s special diplomatic envoy Steve Witkoff, who co-founded World Liberty Financial with his father, also helped launch the company.
Trump Media & Technology Group Corp., which owns Trump’s social media platform Truth Social, has partnered with Crypto.com to launch exchange-traded funds (ETFs) for investors to purchase. The ETFs will include a unique basket of cryptocurrencies and securities focused on American industries.
Critics have raised concerns about Trump’s involvement in crypto projects, citing potential conflicts of interest. Despite this, the president remains committed to promoting digital assets and has taken steps to boost the US crypto industry.
Source: https://apnews.com/article/trump-crypto-world-liberty-truth-social-etf-f11c47a99ea618aa06df4dd47b150800