Eric Trump, son of US President Donald Trump, has defended his family’s involvement in cryptocurrency, claiming that stablecoins could preserve the strength of the US dollar. In an interview with the New York Post, he highlighted his confidence that stablecoins would “save the US dollar” and pointed to his family’s own crypto project, World Liberty Financial.
Trump Family’s Crypto Venture
World Liberty Financial (WLFI), backed by the Trump family, revealed its plans earlier this year. The project centres around a stablecoin called USD1, designed to be tied directly to the value of the US dollar. Since its launch, the initiative has sparked widespread debate, with critics raising concerns over conflicts of interest and the ethics of a sitting president backing a private digital currency.
Attorney Andrew Rossow warned at the time that the scheme represented “a direct affront to constitutional safeguards meant to prevent conflicts of interest.”
Political Scrutiny and Backlash
The venture quickly drew the attention of lawmakers. In March, five Democratic senators sent a letter expressing concern that the president’s direct financial stake in a stablecoin posed “unprecedented risks to the financial system.”
US Representative Maxine Waters, a senior figure on the House Financial Services Committee, suggested in April that Donald Trump was attempting to replace the dollar with his family’s own coin. She argued that such a move could extend to federal payments, including Social Security and tax receipts.
Further criticism followed in August when Senators Elizabeth Warren, Chris Van Hollen and Ron Wyden wrote to the Office of the Comptroller of the Currency. Their letter raised concerns that the newly passed stablecoin law failed to prevent the Trump family or its affiliates from profiting directly from the issuance and circulation of digital assets.
The GENIUS Act and Trump’s Fortune
Despite criticism, the Trump administration moved forward with regulation. On 18 July, President Trump signed the GENIUS Act into law, creating a clearer framework for stablecoin operations in the United States. The following month, reports suggested that Trump’s personal wealth had increased by approximately 2.4 billion dollars since his entry into the crypto sector in 2022, largely due to digital currency ventures.
The timing of his financial gains added fuel to concerns over conflicts of interest and the potential merging of political authority with private business interests.
Stablecoins and the Dollar’s Global Role
Although controversial, Eric Trump’s comments reflect a wider debate about the role of stablecoins in the global economy. Federal Reserve Governor Christopher Waller stated in February that stablecoins could extend the reach of the dollar internationally and reinforce its role as the leading reserve currency.
Supporters of stablecoins argue that they represent an effective tool for strengthening US financial dominance. Bryan Pellegrino, chief executive of LayerZero Labs, described stablecoins as “the last Trojan Horse or vampire attack on every single other currency in the world.”
Not all analysts share this view. European asset manager Amundi warned in July that the rapid growth of stablecoins and the introduction of friendlier US regulation could eventually undermine the dollar’s long-term dominance, raising questions about whether the technology would support or weaken the existing system.
Divided Opinions on the Future
The sharp divide highlights the complexity of the stablecoin debate. Advocates, including the Trump family, believe that linking digital assets to the US dollar will strengthen its global influence. Opponents argue that the close involvement of political leaders in such ventures risks blurring the line between governance and personal financial gain.
For now, Eric Trump remains convinced that stablecoins will ensure the dollar’s survival. Yet with lawmakers and regulators still split on the issue, the future of both the US dollar and the Trump-backed crypto project remains uncertain.
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