White House · Donald Trump · CoinDesk
Binance's US-equities launch already outpaces the tokenized market - and with bStocks live, it now competes on composability too
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USD1, the stablecoin issued by the Trump family's crypto venture World Liberty Financial, has gone from locking retail depositors out of a DeFi lending pool to being used to pay fighters on the White House lawn.
Key facts
- USD1's circulating supply has grown to around $4.6 billion from $3.3 billion on Jan. 1
- WLFI repaid $25 million of the position, then minted $25 million in fresh USD1 days later, actively managing the token's supply through April
- The company had borrowed more than $75 million in stablecoins from Dolomite, a DeFi lending protocol whose co-founder Corey Caplan advises WLFI, using 3 billion of its own WLFI governance tokens
- Trump's financial disclosure lists his stake in World Liberty Financial at over $50 million
Summary
World Liberty Financial’s USD1 stablecoin, backed by the family of President Donald Trump, was used to pay $250,000 in fighter performance bonuses at UFC Freedom 250 on the White House lawn. The promotion comes months after World Liberty Financial borrowed $75 million from a DeFi protocol, which temporarily locked out retail USD1 depositors, and amid litigation with crypto entrepreneur Justin Sun. USD1’s circulating supply has grown to about $4.6 billion as World Liberty Financial seeks a federal banking license.