World Liberty’s USD1 will be backed by short-term U.S. Treasurys, U.S. dollar deposits, and other cash equivalents, the company said this week. The token will be issued on the Ethereum network and a blockchain created by Binance, the crypto exchange that has sought to forge closer ties to the president’s family.
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Trump family venture plunges deeper into crypto with new ‘stablecoin’
“We haven’t had a president in recent memory ever sign legislation that could directly affect his financial interest,” said Kedric Payne, senior director of ethics at the Campaign Legal Center, an ethics watchdog group. “It is a clear violation of the ethics norm.”
