Trump Family Launches USD1 Stablecoin, Ignites Controversy

World Liberty Financial, a cryptocurrency venture linked to the Trump family, has announced the launch of its stablecoin, USD1, which will be pegged to the U.S. dollar and backed by U.S. Treasurys and dollar deposits. This move is part of a broader strategy to capitalize on the crypto market revival and follows previous token sales that raised $550 million. Market reactions have been mixed, with concerns about potential scams surrounding the launch, highlighted by Binance founder Changpeng Zhao, who urged caution among investors. Critics, including Senator Elizabeth Warren, have raised ethical concerns regarding President Trump's financial interests potentially influencing legislation related to stablecoins. The USD1 stablecoin aims to provide stability and attract institutional investors, with plans for audits and secure custody arrangements. This venture marks a significant step in the Trump family's increasing involvement in the cryptocurrency sector.