Donald Trump Jr., co-founder of World Liberty Financial, cheered the dollar-pegged World Liberty Financial USD (USD1) stablecoin hitting a $5 billion market capitalization on Wednesday.
Trump Family Cheers USD1’s Success
Trump Jr. posted a CoinMarketCap screenshot on X to highlight the milestone.
“Built in America, designed for real-world scale, and adopted by serious institutions. This is what happens when you focus on infrastructure over noise,” Trump Jr. said.
Eric Trump, Trump Jr.’s younger brother and fellow co-founder, also celebrated the achievement.
USD1 Outshines PayPal’s Stablecoin
USD1, designed to maintain a 1:1 equivalence with the U.S. dollar, is now the fifth-largest stablecoin by market capitalization, surpassing PayPal USD (CRYPTO: PYUSD) and Ripple USD (CRYPTO: RLUSD). The stablecoin hit this milestone in under a year since launch.
The Red Flags
The Trumps have placed USD1 at the center of their decentralized finance offerings through the World Liberty Financial platform.
The DeFi platform allows users to lend and borrow digital assets using the stablecoin. World Liberty Financial has already applied for a U.S. national banking license to issue and custody the dollar-pegged cryptocurrency.
However, the stablecoin has had its fair share of controversy.
The stablecoin was chosen to close Abu Dhabi investment firm MGX‘s $2 billion deal with Binance last year. This prompted Senator Elizabeth Warren (D-Mass.) allege a potential quid pro quo between the Trump family and Binance’s convicted ex-CEO Changpeng “CZ” Zhao, later pardoned by President Donald Trump.
CZ has denied these allegations, stating that it was a transaction payment, not an investment in World Liberty Financial.
Price Action: At the time of writing, the WLFI token was exchanging hands at $0.1617, down 0.38% in the last 24 hours, according to data from Benzinga Pro.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo Courtesy: T. Schneider on Shutterstock.com
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