Eric Trump has a strong message for 'earliest believers'
The Trump family is involved with several crypto projects, one of them being a decentralized finance (DeFi) venture called the World Liberty Financial.
While President Donald Trump himself acts as the chief crypto advocate at the project, his sons Donald Jr., Eric, and Barron act as Web3 ambassadors there. The family holds a 60% stake in the project.
The crypto project has also launched USD1. It is a stablecoin, a type of cryptocurrency that, unlike usually volatile cryptocurrencies such as Bitcoin, maintains a stable value. It is usually pegged to a fiat currency like the U.S. dollar or a commodity like gold.
USD1, as the name suggests, is pegged 1:1 to the dollar. It says it is 100% backed by short-term U.S. government treasuries, USD deposits, and other cash equivalents.
On June 3, the on-chain analytics platform Lookonchain revealed that World Liberty Financial has been airdropping USD1 stablecoins to wallets that participated in the sale of WLFI, the project's native token.
World Liberty Financial's ambassador Eric Trump congratulated "our earliest believers" for receiving the USD1 stablecoin.
As per DeFiLlama, the total market cap of stablecoins stands at $249.26 billion at the time of writing.
With Tether's USDT and Circle's USDC occupying more than 85% of the market share, the USD1 stablecoin accounts for a mere 0.0087% share.
The USD1 stablecoin has become a bone of contention between the Republican and Democrat senators. The former believe the president's involvement with the USD1 project leads to conflicts of interest and have proposed multiple amendments to the GENIUS Act that deals with stablecoin regulation.
This article has been published in TheStreet via Yahoo News.
