Original Interview: Justin Sun, Founder @ TRON;
Guests: Eric Trump, Executive VP @ The Trump Organization; Zach Witkoff, Co-Founder @ World Liberty Financial;
Original Translation: Rhythm Little Deep
Editor’s Note: In this discussion, Justin Sun, Zach Witkoff, and Eric Trump engage in a dialogue about World Liberty Financial and the future of cryptocurrency. They criticize the traditional financial system for its lack of transparency, poor accessibility, and inefficiency, emphasizing that the USD1 stablecoin provides transparent and fast cross-border payments through blockchain technology, aiming to bring financial freedom to the 1.4 billion unbanked people worldwide. They believe that cryptocurrency will disrupt the outdated banking system, and that the innovative environment under new leadership in the UAE and the US will lead this transformation.
Here is the original content (reorganized for better readability):
TOKEN2049 OKX Main Stage, image source from TOKEN2049
Latest Developments of WLFI
Justin Sun: Zach, it’s really great to be here today! We’ve met a few times in Dubai, and in just a few months, all the projects World Liberty Financial is working on with us have made amazing progress. Congratulations! It’s been an exciting journey. What are the next plans?
Zach Witkoff: Justin, thank you for your support. Tron is an incredible technology, and we are fortunate to collaborate with you and other innovative projects. You have always been a leader in this field, and we are very grateful.
Justin Sun: I completely agree. World Liberty Financial has recently gained a lot of attention, with continuous updates, and its market value has reached 2 billion dollars, which is amazing! Can you share more details about this project and your outlook for the future?
Zach Witkoff: The founding of World Liberty Financial stemmed from our discovery of many flaws in the traditional financial system. There are many issues, and I can’t list them all today, but let me mention a few. First, there is a lack of transparency. Big banks lack transparency, and no one knows what they are doing internally. They often only serve the top elite and even exploit customers. Second, there is an accessibility issue—1.4 billion people worldwide do not have bank accounts, which is shocking. Third, cross-border payment efficiency is low. My co-founders Chase Hero and Zach Folkman and I have traveled the world, communicating with governments, and in some countries, to obtain dollars, people have to pay fees as high as 9%, which is outrageous.
We are also excited to announce today that USD1 has been selected as the official stablecoin for MGX’s 2 billion dollar investment in ByteDance. Thank you to MGX and ByteDance for your trust in us; this is just the beginning.
Zach Witkoff, image source from TOKEN2049
How Cryptocurrency is Reshaping the Modern Financial System?
Justin Sun: I completely agree. Eric, you once said that the modern financial system is not "modern" at all. We see issues similar to "cancel culture" in the traditional financial system. Can you share your experiences and views, and how we can reshape the financial system?
Eric Trump: I have spent my entire career in the traditional financial system, which works well for the top 1% or 0.1% of people, but completely fails the majority. It wasn’t until our family got involved in politics that I realized how fragile this system is. As soon as you say something they don’t like, they will "cancel" you, ostracize you, and even pursue you relentlessly.
This led me to cryptocurrency. I am a proponent of hard assets—I have spent my life building large buildings around the world. But for political reasons, banks have attacked us like beasts. I found that those attacking us were also targeting the crypto community. There’s a saying that the enemy of my enemy is my friend. That’s why real estate and the crypto world have come together. Real estate has poor liquidity and is difficult to transfer, with only a few people able to participate on a large scale. In contrast, cryptocurrency has strong liquidity and is easy to transfer, allowing anyone to participate, making it a perfect hedge for hard assets.
Eric Trump, image source from TOKEN2049
This experience made me realize how outdated and broken the modern financial system is. Why do large banks like Chase Manhattan take 90 to 120 days to lend to a 25-year-old customer? They are still using paper forms and outdated processes, while blockchain can accomplish these tasks instantly, at a lower cost and higher efficiency. Every week I chase a wire transfer because the SWIFT system is completely unreliable. Cryptocurrency can transfer Bitcoin, USD1, or other currencies around the world in seconds—cheaper, faster, and more transparent.
When banks canceled our family’s accounts for political reasons, we became some of the most "canceled" people in the world. I believe that cryptocurrency and our efforts at World Liberty Financial will make those banks regret it. They will be left behind, and the financial system will be completely transformed.
Zach Witkoff: Justin, we often say at World Liberty Financial: "Pigs get fat, greedy pigs get slaughtered."
Justin Sun: Haha, that’s right! World Liberty Financial is a great example; we can change the world with finance. If those banks don’t join us soon, they will be left behind, right?
Zach Witkoff: Absolutely correct. Banks have two choices: either turn their massive "ships" around, which will take a lot of time; or, as you said, be left in the dust. Time will tell which path they choose, but I hope they stand on the right side of history.
Justin Sun: Absolutely.
Eric Trump: It’s almost impossible for banks to turn around because their entire business model relies on arbitrage and fees that cryptocurrency can easily replace. Transferring money from New York to Abu Dhabi is a nightmare—finding a bank branch, dealing with exchange rates, trusting the other party, and paying various fees for the issuing bank, receiving bank, currency conversion, and technology. Cryptocurrency makes all of this redundant. If banks do not embrace cryptocurrency now, they will be eliminated like old film cameras in the digital age. Their systems have hardly changed since the 1970s, while the pace of development in crypto technology is 100 times faster than theirs. They cannot keep up with the innovations of the people in this room. Nothing makes me happier than seeing those banks that viciously attack us and others being defeated by us.
Justin Sun: You are absolutely right. One of the great advantages of the crypto world is transparency. Everything that happens on the blockchain is clear at a glance. The trust in traditional finance has plummeted. In the US, banks can go bankrupt overnight; in Hong Kong, customers don’t even know where their 5 million dollars went. Blockchain makes such things impossible because everything is transparent.
Zach Witkoff: Justin, you said it perfectly. We are building USD1 not only to achieve seamless cross-border transactions but also to ensure transparency and consumer safety. Our industry can no longer afford more scams. USD1 will be the most transparent and regulated stablecoin globally, with monthly audit reports. We are backed 1:1 by short-term government bonds and cash equivalents. Think about it: would you rather keep your money in an asset backed 1:1, or in a tiered reserve bank account where you don’t even know the details?
How Does WLFI Achieve Financial Democratization?
Justin Sun: Eric, everyone is familiar with your family and business, but they may not know your commitment to financial freedom. Can you talk about how World Liberty Financial realizes this value?
Eric Trump: In 2019 and 2021, I received letters from some big banks—these are banks we have worked with for 20, 30, or even 40 years—saying our accounts were canceled. This happened in the US, the world’s economic superpower. I couldn’t believe it; this "cancel culture" has swept the globe, but fortunately, the Middle East, especially the UAE, has resisted this absurd behavior well. You find that a person sitting in a high-rise bank building can destroy your life, business, and livelihood. Our family has enough resources and influence to fight back, but most people do not.
In countries with high inflation or a lack of technology, people are completely excluded from the financial system. But now almost everyone has a mobile phone. Through mobile phones and stablecoins like USD1, which are backed 1:1 by US Treasury bonds, people can invest and participate in the global economy, no longer at the mercy of unreliable governments or currencies. Cryptocurrency creates a fair competitive environment, just like the internet democratized knowledge. This is a blessing for humanity and the reason we are proud of USD1 and World Liberty Financial.
The dollar is highly regarded globally—many places in South America and Asia want dollars because they are stable and tradable. Digitizing the dollar and promoting it worldwide through USD1 is safe and convenient. This is why World Liberty Financial is experiencing explosive growth and why everyone is discussing USD1.
Justin Sun: I completely agree. This aligns with the original intention of founding Tron—to create a crypto ecosystem that serves financial freedom, not for profit. Big banks have shut out billions of people because it’s not profitable for them. We are honored to collaborate with USD1 to launch this stablecoin, giving 7 billion people the opportunity to enjoy financial freedom.
Zach Witkoff: Justin, you just accidentally let it slip, but I’m happy to announce that USD1 will be natively integrated into Tron. We will start minting hundreds of millions of USD1, and it is expected to reach a market value of billions soon. Thank you very much for your support. Our goal at World Liberty Financial is to democratize finance, connecting DeFi and traditional finance. In the next four to five years, DeFi and traditional finance will seamlessly merge and become inseparable.
What More Should the US Do in the Crypto Space?
Justin Sun: Zach, the new US government is working hard to make the crypto industry more competitive. What else do you think they can do, in conjunction with World Liberty Financial's efforts, to shape the future of America?
Justin Sun, image source from TOKEN2049
Zach Witkoff: We should learn from the UAE. They have retained family and cultural values while innovating, making them one of the most innovative countries in the world. They make decisions quickly while reasonably protecting consumers without hindering innovation. If the US can emulate this model, the prospects will be limitless.
Justin Sun: Eric, you have been to Dubai many times and have witnessed the city’s transformation from nothing to its current glory. When I first attended Token 2049, it was nowhere near the scale it is today. It has now become a crypto hub. What are your thoughts?
Eric Trump: I started coming to the UAE in 2006 and began working here in 2011 and 2012, building a fantastic golf course, and recently announced the Trump International Hotel on Sheikh Zayed Road. The UAE always says "yes" to good ideas quickly. In contrast, the bureaucratic style in Europe is disheartening— in Ireland, we spent seven years and countless resources adjusting a golf course green because of a tiny snail. The UAE is different; we got a permit for a 1,150-foot tall building with the world’s highest swimming pool in just a month because they embrace innovation.
The UAE looks to the future, planning a vision for 30 years down the line, rather than getting bogged down in the past. This perfectly aligns with the ethos of crypto. Other parts of the world have yet to realize future trends. A year ago, a friend of mine who runs a bank in Connecticut said cryptocurrency was "funny money." Now he’s coming to ask me how to invest in World Liberty Financial and Bitcoin. We are in the early dialogue stage of the crypto revolution, and those who see the trends now will be the winners. The UAE and the US have already recognized this under excellent leadership.
The old financial system—banks operating from nine to five with an hour and a half lunch break, employing thousands to do trivial tasks—has become outdated. Regions like the UAE and the US that are flexible and forward-looking will win this crypto revolution.
Justin Sun: I have been to Dubai many times; I got my UAE ID card last year, which was much faster than the US DMV! I’m going to the US in May to see the significant changes after the new government has been in power for 100 days. It’s really moving in a positive direction.
Zach Witkoff: No doubt about it. As Eric said, great leadership brings good results. The UAE is one of the most successful countries globally, with a high sense of citizen happiness. People come and don’t want to leave because of the excellent leadership. They are leading in crypto, AI, and robotics, and USD1 will play a key role in this new digital world.
Justin Sun: Finally, Zach and Eric, do you have any thoughts on cryptocurrency and financial freedom that you would like to share with everyone?
Zach Witkoff: World Liberty Financial has many big plans, so stay tuned. We are advancing multiple DeFi integrations, hoping USD1 will become the preferred stablecoin in the DeFi and CeFi ecosystems. At the same time, my co-founders Zach, Chase, and Eric and his brother are working hard to integrate USD1 into traditional retail payment systems. Our goal is to allow you to spend USD1 at hotels in Abu Dhabi or delis in New York. That day is not far off. Justin, thank you for your tremendous support.
Eric Trump: [Jokingly] Zach almost got punched; you have to say to spend USD1 at Trump International Hotel, not the Four Seasons! Our team—Zach, Chase, Scott, and others—works tirelessly every day to modernize finance. The crypto industry must self-regulate to avoid scams while enhancing user experience. DeFi is too complicated right now—wallets, Aave, MetaMask, gas fees, swaps—ordinary people can’t understand it at all. We need to make it simple and intuitive; the faster we do this, the quicker we can achieve widespread adoption and defeat those big banks that hate us.
On behalf of my family and team, thank you to Dubai, Abu Dhabi, the UAE, and everyone present for your trust in World Liberty Financial. We love you!
Zach Witkoff: Love you all! Thank you!
Justin Sun: Love you all! Thank you!
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