USD1 stablecoin
World Liberty Financial’s stablecoin, a crypto coin meant to stay worth $1. World Liberty says each coin is backed by U.S. cash, government money market funds and cash equivalents. It keeps the interest those reserves earn, and most of the coins sit on the crypto exchange Binance.
- Owned by
- Stablecoin Holdco, World Liberty’s stablecoin company. DT Marks SC, a Trump family company, owns 38.25% of it; Trump’s company DTTM Operations owns 69% of DT Marks SC and family members own 30%
On Who He Hired: Donald Trump, Steve Witkoff, Karoline Leavitt
The money 8
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$196.9 million
DisclosedIn the total
Money paid to DT Marks SC when new investors bought into Stablecoin Holdco, USD1’s parent company. DT Marks SC is the Trump family company that owns 38.25% of Stablecoin Holdco. Listed on Trump’s annual financial disclosure for 2025. A shareholder lawsuit says part of it came from Aryam Investment 1’s purchase of 49% of World Liberty.
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$8.3 million
Disclosed
Net operating income of the stablecoin business held by Stablecoin Holdco, on Trump’s annual financial disclosure for 2025. DT Marks SC, the Trump family company, owns 38.25% of Stablecoin Holdco, so this is the business’s income, not all of it theirs.
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$147 million
Estimated
Bloomberg’s estimate of the income World Liberty will keep from USD1’s reserves in 2026, assuming a 3.5% yield on $4.7 billion of reserves, after BitGo’s custody fee and a marketing budget. The coin had shrunk to about $4 billion by October 2026.
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$80 million
Estimated
Fortune’s estimate of the most World Liberty could earn in a year from interest on the reserves behind the $2 billion of USD1 used in the MGX-Binance deal, if Binance kept the coins.
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$159.5 million
Sales
The yearly revenue “run rate” for USD1 that World Liberty posted on social media in April 2026, as reported by Bloomberg. Revenue, not profit.
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$2 billion
Other money
USD1 that Abu Dhabi’s MGX bought to pay for its stake in Binance. The money became reserves behind the coin, not income.
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$4.7 billion
Other money
USD1 held by Binance in February 2026: about $4.7 billion of roughly $5.4 billion in circulation, or 87%.
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$4.02 billion
Other money
USD1 in circulation on October 19, 2026, per CoinGecko data, down from about $4.43 billion on October 6 after redemptions.
What the labels mean
- ConvictedA criminal jury found them guilty, or they pleaded guilty and were sentenced.
- Found liableA civil jury ruled against them.
- Court ruledA judge ruled against them or their policy.
- Watchdog foundAn inspector general, a congressional investigation, Congress’s auditors at the GAO, or a regulator.
- AdmittedThey acknowledged it, or their own filings and records show it.
- On recordSomething they said or did in public.
- ReportedNews reporting they deny or haven’t confirmed.
- AllegedAccusations from lawsuits, complaints or unnamed sources that haven’t been proven.
Admitted or on record 5
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On record
Abu Dhabi’s state-backed fund MGX paid for a $2 billion stake in Binance with World Liberty’s USD1.
World Liberty co-founder Zach Witkoff, Steve Witkoff’s son, announced the deal on a panel with Eric Trump on May 1, 2025. Fortune noted that World Liberty would collect the interest on the reserves if Binance held the coins. World Liberty called it a “historic precedent” and wouldn’t say how much the family stood to make. Binance CEO Richard Teng called reports that Binance pushed for USD1 “totally false,” and Binance’s lawyer has said it “did not control the stablecoin chosen by MGX.”
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On record
Trump pardoned Binance founder Changpeng Zhao, then said on 60 Minutes, “I don’t know who he is.”
Zhao pleaded guilty in November 2023 to enabling money laundering and served four months in prison; Binance paid a multibillion-dollar settlement. The pardon came on October 23, 2025, months after Binance took $2 billion in USD1 through the MGX deal. Asked about conflicts of interest, Trump told Norah O’Donnell, “I know nothing about it because I’m too busy doing the other.” Press Secretary Karoline Leavitt said the Biden administration pursued Zhao “despite no allegations of fraud or identifiable victims” and that Trump meant he had no personal relationship with him; Trump’s sons and World Liberty denied any involvement in the pardon.
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On record
Pakistan’s finance minister signed an agreement with a World Liberty affiliate to explore using USD1 for cross-border payments.
Muhammad Aurangzeb signed the memorandum with SC Financial Technologies, whose CEO is Zach Witkoff and which co-owns the USD1 brand with World Liberty. By July 2026, Pakistani officials said there had been no pilot, no licenses issued and no known USD1 transactions. The White House has said there were no conflicts of interest.
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Admitted
Trump’s financial disclosure for 2025 lists nearly $197 million that a Trump company received as new investors bought into USD1’s holding company.
The line shows net proceeds to DT Marks SC, which owns 38.25% of Stablecoin Holdco, from new members’ capital contributions and a sale of Class C units. Trump’s DTTM Operations owns 69% of DT Marks SC and Trump family members own 30%. White House spokesperson Anna Kelly said “there are no conflicts of interest” and called the reporting “the same, tired narrative that Democrats have pushed against President Trump.”
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On record
The Office of the Comptroller of the Currency conditionally approved a World Liberty trust bank to issue USD1 and hold its reserves.
World Liberty Trust Company can’t open until it meets pre-opening conditions, including at least $20 million in capital, and gets final approval. The bank would take over issuing USD1 from BitGo, which now mints the coin and holds its reserves. Sen. Elizabeth Warren called it “the most brazen act of self-dealing our financial system has ever seen.” The OCC said “the Comptroller and staff acted consistently with their statutory duties,” and Zach Witkoff said the bank “brings USD1 issuance, custody, and reserve management together under OCC supervision.”
Reported and alleged 4
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Alleged
Sens. Warren and Merkley called a stablecoin tied to a sitting president “an unprecedented conflict of interest” and pressed MGX and Binance on the deal.
In a June 10, 2025 letter to the heads of MGX and Binance, sent as the Senate took up the GENIUS Act stablecoin bill, they asked for records on the $2 billion USD1 deal. In a May 29 letter to the senators, World Liberty’s lawyers said, “Absent USD1, that capital would have exited the U.S. financial sphere entirely and moved offshore.”
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Reported
Bloomberg reported that Binance helped create USD1’s code and helped promote it.
Citing three people familiar with the arrangement, Bloomberg reported that Binance also played a role in the coin’s largest transaction, and that 90% of the coins from that deal were still in Binance’s wallets. Binance founder Changpeng Zhao called it “another hit piece, sponsored by a competitor” and said he “might have to sue them again for defamation.” According to a lawsuit by a Circle shareholder, World Liberty has acknowledged that Binance provided USD1’s smart contracts and said it was done “to save WLFI the headache of reproducing them, but not in exchange for anything.”
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Reported
World Liberty keeps the interest on USD1’s reserves and doesn’t share the revenue with Binance, where most of the coins sit.
Bloomberg reported that most USD1 sits on Binance, according to the analytics firms Kaiko and Arkham. World Liberty gives Binance a marketing budget for promotions; a World Liberty spokesperson said it “doesn’t share revenue with any exchanges.” Binance said it “has not provided preferential treatment to World Liberty Financial or its products.”
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Alleged
A Circle shareholder sued Trump, Steve Witkoff and World Liberty companies, saying payments from the UAE, including the $2 billion USD1 deal, broke the Constitution’s ban on federal officials taking payments from foreign governments.
Former Circle employee J. Benjamin Greenberg filed the suit on Circle’s behalf in federal court in Washington, naming Trump and Witkoff in their official capacities. It also challenges a $500 million UAE purchase of a stake in World Liberty, and alleges that “Binance asked MGX to pay the $2 billion purchase price in the soon-to-be-released World Liberty stablecoin, and the Emiratis agreed.” Binance and World Liberty deny that Binance arranged the use of USD1. No court has ruled.