Key Takeaways:
World Liberty Financial Inc., the crypto venture co-founded by President Donald Trump and his sons, is on track to generate nearly $150 million this year from its USD1 stablecoin, fueled by a promotional partnership with Binance Holdings Ltd., according to a Bloomberg News analysis of financial filings and public disclosures.
The Trump family's crypto venture turned a stablecoin launched just 15 months ago into a projected $150 million profit machine — largely because one exchange holds 87% of the supply.
USD1, a dollar-pegged token that launched in March 2025, has become one of the five largest stablecoins by market cap, with roughly $4.7 billion in reserves held in US dollars and government money market funds. The token's growth has been aided by Binance, the world's largest cryptocurrency exchange, where the vast majority of USD1 tokens sit, according to data from crypto analytics firms Kaiko and Arkham.
"The Trump family's extensive financial entanglements with the cryptocurrency ecosystem, including the USD1 stablecoin, constitute a blatant and gargantuan conflict of interest," said Eswar Prasad, a Cornell University professor who teaches about digital finance. "After all, it is the Trump administration that regulates crypto in its various aspects."
World Liberty does not share revenue generated by USD1 with Binance, according to a person familiar with the matter. Instead, the company provides a marketing budget to Binance that goes toward promotions, including yield programs for USD1 holders and zero-fee trading pairs. The arrangement has helped drive adoption of the stablecoin, which competes with Tether's USDT — the $190 billion market leader — and Circle's USDC.
The Trump family and their affiliates own approximately 40% of World Liberty Financial and receive three-quarters of certain revenue streams from the venture. The stablecoin business alone is now valued at roughly $1.7 billion, according to the Bloomberg Billionaires Index, with the Trump family's stake worth $630 million. That pushes the total value of their World Liberty holdings to $2.6 billion, making it the family's most valuable asset by far. The Trumps' total fortune stands at $7.8 billion.
How the stablecoin generates revenue
Stablecoin issuers earn income from interest on the reserves backing their tokens. Assuming World Liberty generates a 3.5% yield on its $4.7 billion in reserves — similar to what Circle discloses — minus a roughly 0.3% annual fee paid to custody provider BitGo Holdings Inc. and a small marketing allocation, Bloomberg estimates the company will keep about $147 million in income this year. That figure is close to the $159.5 million annualized revenue run rate World Liberty posted on social media in April.
The relationship between World Liberty and Binance deepened significantly in May 2025, when Abu Dhabi-based investment firm MGX settled a $2 billion investment in Binance using USD1. That single transaction dramatically increased the stablecoin's circulation and cemented Binance's role as its primary distribution channel.
Conflict-of-interest questions intensify
The arrangement has drawn heightened scrutiny since President Trump pardoned Binance co-founder Changpeng Zhao in October 2025. Zhao, known as CZ, had pleaded guilty to failing to maintain an effective anti-money laundering program and served prison time. In February, he appeared at a crypto event hosted by World Liberty at Trump's Mar-a-Lago resort.
In separate statements, World Liberty and Binance said their relationship is not unusual. "Binance has not provided preferential treatment to World Liberty Financial or its products," a Binance spokesperson said. A White House spokesperson said: "Neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest. All actions by President Trump and his administration are taken in the best interest of the American people."
The stablecoin's 87% concentration on a single exchange represents a structural risk. If Binance's relationship with World Liberty sours, or if regulatory action targets either party, the stablecoin's distribution network could contract rapidly. The Genius Act, which provided a regulatory framework for stablecoin issuance, was passed as USD1 launched — a coincidence that critics say underscores the need for clearer separation between policymaking and personal financial interests.
This article is for informational purposes only and does not constitute investment advice.
