WLFI CEO Zach Witkoff Swears People Are Using USD1

WLFI CEO Zach Witkoff Swears People Are Using USD1

Mitchell Duran

Wed, August 26, 2026 at 7:42 PM GMT+3 3 min read

THE GIST

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World Liberty Financial (WLFI), the Trump family-tied crypto firm and soon-to-be bank, swears they're up to good things. Just ask CEO Zach Witkoff, who pointed to WLFI's stablecoin, USD1, to prove they are just like everybody else.

WHAT HAPPENED

Witkoff, son of President Trump's chief Middle East negotiator Steve Witkoff, went on CNBC this week to make the case for its core product, USD1.

The stablecoin is issued by World Liberty Trust Company, a bank affiliated with WLFI, and backed up by millions in U.S. Treasuries, dollars, and other cash equivalents. It recently hit $4 billion in circulating supply. That's nowhere near Circle's USDC or Tether's USDT, but they are the new kids on the block.

CNBC's Joe Kernen smiled and listened, nodding at Witkoff's proclamations of big numbers. Then he went in a different direction, asking Witkoff if they were worried about companies or countries parking money in USD1 that could effectively route to the Trump family, who own about a 38% stake in the company. Witkoff, like a deer in headlights, insisted this was a non-issue because of legitimate things like "metrics," their customers "actually using it," and the fact that they recently received a preliminary conditional banking charter this month.

"Listen, people are using USD1 every single day," Witkoff said. "I think that very much does answer the question. We've created a product that customers every day are using around the world."

Witkoff went on to argue that because Trump is such a good businessman, his family running the business is only natural. And anyway, according to him, "It's only a very small piece of their business empire." Witkoff then stressed again about how many customers are using USD1 every day.

WHY IT MATTERS

The CNBC hosts have every right to be suspicious. There's a tangled web of what appears to be self-dealing.

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A Trump-controlled entity takes 75% of net proceeds from WLFI token sales and a cut of stablecoin profits, according to a December Wall Street Journal report. The report also details Abu Dhabi's government purchasing $2 billion of USD1, and a separate, undisclosed deal in which the UAE bought a 49% stake in WLFI for $500 million. The administration later approved sending hundreds of thousands of advanced chips to the UAE firm.

Justin Sun reportedly bought $75 million in WLFI tokens, only to have the SEC back off an investigation it was conducting into Sun's companies. Sun then turned around and sued WLFI in April for extortion.

The token itself is down 25% today in terms of volume and its price has dropped 85% since its launch in September 2025. And Barron Trump's 10% stake in WLFI comes to approximately $150 million, according to Benzinga.

But Witkoff still argues USD1 has growing utility. That's technically true, but the growth is concentrated on Binance, whose founder Changpeng "CZ" Zhao Trump pardoned in October 2025 after Zhao pleaded guilty to federal criminal charges.

Most USD1 volume flows through Abu Dhabi/UAE-based platforms and other offshore exchanges. Per CoinMarketCap, Binance alone accounts for 49.45% of volume, or about $591 million of $1.196 billion total.

WHAT'S NEXT

World Liberty Financial on Tuesday touted a partnership with Canton Network, which its own site bills as "the first privacy-enabled open blockchain network" specialized for "privacy fit for regulated institutions."

USD1 is now issued there.