World Liberty Financial, a crypto venture backed by the Trump family, is entering the stablecoin market with its own token.
The USD1 coin, pegged to the US dollar, will be backed by short-term Treasuries, dollar deposits, and cash equivalents.
President Trump is known for his support of the crypto industry and has previously issued meme coins. The Trump family is reportedly in talks to buy a stake in Binance.
In addition, Trump Media & Technology Group announced a partnership with crypto.com for the development of exchange-traded products focused on "Made in America" assets.