# USD1 **USD1** is the dollar-pegged [[Stablecoin]] issued by [[World Liberty Financial]], the Trump family's crypto venture. It is the venture's steadiest business and its most direct conflict of interest: a stablecoin earns interest on the reserves behind it, so the size of USD1 is roughly the size of a revenue stream the president's family part-owns, and that revenue moves with every Federal Reserve rate decision. ## Key facts (as of October 2026) - **Announced:** March 25, 2025. - **Issuer and custodian:** [[BitGo]], now BitGo Bank & Trust, N.A. (OCC-approved conversion, December 12, 2025). - **Reserves:** attested monthly by KPMG. At **August 31, 2026** there were **4,195,303,689 coins** in circulation against $4.196B of reserves, roughly 27% bank deposits and 73% a government money-market fund. Supply peaked above $5B in early 2026. - **Ownership:** the family's economic share runs through Stablecoin Holdco LLC, 38.25% per the president's 2025 ethics filing. The month-by-month figures are in [[World Liberty Financial USD1 Ledger]]. ## The anchor transaction USD1 became a multibillion-dollar coin almost overnight in **May 2025**, when [[MGX]], the Abu Dhabi investment firm chaired by [[Tahnoon bin Zayed]], settled its **$2 billion investment in [[Binance]]** in USD1. For a time most of the supply sat at Binance. The pairing is the core of the conflict-of-interest case against the coin: a foreign state-linked investor chose the president's family's stablecoin to settle a deal with an exchange whose founder was seeking, and later received, a presidential pardon. Tahnoon's Aryam vehicle also owns 49% of WLF. ## From BitGo to a Trump-linked bank On **August 14, 2026** the [[OCC]] under [[Jonathan Gould]] conditionally approved a national trust charter for **World Liberty Trust Company**, which plans to take over USD1 issuance and custody from BitGo. The approval bars the trust from dealing in WLF's own tokens, and three insiders, including [[Eric Trump]], signed commitments not to seek board seats or influence it. The family-affiliated issuer would still hold the reserves. See [[OCC Charter Wave]]. ## Its own liability as a reward Since October 1, 2026 WLF has paid its WLFI governance rewards (a $1.25M pool) in USD1, funded partly from treasury and protocol fees. The venture is rewarding participation in its own governance with its own liability. See [[World Liberty Financial Token Ledger]]. ## Why the rate matters With about $4.2 billion of reserves mostly in Treasury-backed money funds, USD1's float earns whatever short-term rates pay. The lower rates the president has publicly demanded would shrink this income, so the conflict runs against his stated policy rather than with it, but it is a conflict all the same: a Fed decision moves money into or out of a business his family part-owns. No filing tracks it; read this page alongside the [[Interest Rate Policy Timeline]]. ## See Also - [[World Liberty Financial]] · [[World Liberty Financial USD1 Ledger]] · [[Trump Crypto Ventures]] - [[GENIUS Act]] · [[OCC Charter Wave]] · [[BitGo]] · [[MGX]] · [[Binance]]