The Rise of Trump’s Crypto Empire
Wall Street executives and federal officials gathered at President Trump’s Mar-a-Lago resort in Palm Beach, Florida, to support his family’s growing cryptocurrency venture. At the event, one speaker even called it the “power center of the universe.” This gathering marked a significant moment for World Liberty Financial, a company in which the Trump family holds a 38% stake. The firm announced major new business deals that could help bring its digital stablecoin, USD1, into the mainstream.
World Liberty unveiled a partnership with the Apex Group, which could help mainstream the USD1 stablecoin. The company also plans to use USD1 to finance a new Trump-branded hotel with luxury floating villas in the Maldives. 
The guest list was impressive, featuring two Senate-confirmed federal agency leaders, the CEOs of both of America’s largest stock exchanges, a pair of Republican senators, the CEO of Goldman Sachs, and even rapper Nicki Minaj. Binance founder Changpeng “CZ” Zhao, worth nearly $80 billion, attended the event. He had been pardoned by Trump after pleading guilty in 2023 to violating the Bank Secrecy Act with the world’s top crypto exchange. Binance holds roughly 87% of the more than $5 billion USD1 currently in issuance. 
World Liberty was co-founded in 2024 by Trump, Steve Witkoff, their five sons, and two business partners after the president and his allies were cut off from major banks following the January 6, 2021, Capitol riot. The president and Witkoff, now Trump’s special envoy, serve in non-active emeritus roles, according to the company. The president did not attend the event. 
One Trump cabinet member, Small Business Administration administrator Kelly Loeffler, spoke at the event, expressing her confidence in facing public criticism. She told attendees, “Look, bring it on — and I’m standing in the truth and I’m here for the right reasons.” 
Michael Selig, commissioner of the Commodity Futures Trading Commission (CFTC), also attended the event. Selig, whose agency plays a role in policing cryptocurrencies, discussed the challenges and opportunities in financial innovation. He emphasized the need for regulators to seize this moment and preempt state regulations, including for artificial intelligence and betting markets. 
Nasdaq CEO Adena Friedman, New York Stock Exchange president Lynn Martin, Goldman Sachs CEO David Solomon, and Franklin Templeton CEO Jenny Johnson were among the bigwigs who spoke at the event. FIFA president Gianni Infantino also attended, but he, like Nicki Minaj, focused on his own industry rather than directly addressing World Liberty. 
Minaj expressed her admiration for Trump, mentioning her nail company and recounting her visit to the president’s “merch room,” where she left with a Trump-signed Bible, scarves, and perfume. 
World Liberty offers a range of services, including its dollar-backed USD1 stablecoin, a digital token known as $WLFI, and a decentralized lending platform launched last month. The company claims $328 million lent and $239 million borrowed in four weeks. It also has plans to expand into high-speed, low-fee international remittances, starting with Mexico. 
Zach Witkoff, CEO of World Liberty, stated the company’s mission is to establish a “faster dollar” with USD1. He emphasized transparency, compliance, and long-term commitment. If the dollar is to remain the settlement currency in the digital age, it must evolve. 
Several traditional finance leaders spoke about their embrace of blockchain technology. Others were candid about why they appeared at the decentralized finance event. Solomon, for example, said he attended because Alex Witkoff called him, noting that the Witkoffs are great clients. 
Despite the positive developments, critics have raised concerns about potential conflicts of interest involving the estimated $1 billion in proceeds flowing to the first family through World Liberty. Democrats in Congress have demanded information on the business and may issue subpoenas if they regain power in the November midterm elections.
World Liberty has sought to counter negative PR by emphasizing its transparency and the verification process for USD1, which is backed by US Treasury bonds or dollars. The company aims to rapidly scale up USD1, which is currently the fifth-most-used stablecoin.
In a significant boost, World Liberty announced a partnership with the Apex Group, a multinational financial services company with $3.5 trillion in assets. Apex CEO Peter Hughes called it a real inflection point, citing the need to provide stablecoins to clients for use on corporate balance sheets.
Trump’s adult sons, Donald Jr. and Eric, responded to Democratic criticisms, stating that the company’s formation was a direct result of banks de-banking the family. They described the event as a “magical day” and claimed they had awakened a “sleeping giant.”
The Trump Organization’s new hotel project in the Maldives will be “tokenized” with cryptocurrency, using USD1 for financing.
The event highlighted the intersection of Trump’s business interests and public policy, with speakers calling for Congress to pass the Clarity Act, which would define the oversight roles of the CFTC and the Securities and Exchange Commission.
Senator Bernie Moreno emphasized the importance of stablecoins in maintaining the US dollar’s global dominance and expressed hope that the Clarity Act would be passed by April.
Democrats have demanded information on World Liberty following revelations about a $500 million investment from an UAE royal. Rep. Ro Khanna issued a 16-question demand for information, highlighting concerns about the company’s ties to foreign entities.
Moreno dismissed these concerns, suggesting that the opposition party’s criticism stems from “Trump Derangement Syndrome.” He argued that passing the cryptocurrency regulatory bill would protect the company against a potential hostile future Democratic administration.