The decentralized finance project World Liberty Financial, backed by the Trump family, minted over $200 million in stablecoins just hours after Federal Reserve Governor Christopher Waller praised stablecoins in a speech.
World Liberty announced on X on Thursday that it minted $205 million worth of its platform stablecoin USD1 for its treasury, pushing its supply to a historic high of $2.4 billion, marking the first significant increase for the token since late April.
Since its launch in early April, this stablecoin supported by the Trump family has become the sixth largest stablecoin globally by market capitalization, following Tether (USDT) with $167 billion and a 60% market share, and Circle Internet Group's USDC with $67.4 billion, holding a 24% share.
The minting of USD1 occurred just hours after Waller delivered a pro-cryptocurrency speech specifically praising stablecoins.
"I believe stablecoins have the potential to maintain and expand the role of the dollar internationally," Waller stated at a blockchain conference in Wyoming on Wednesday.
"Stablecoins also have the potential to improve retail and cross-border payments," he added.
Waller noted that the recently signed stablecoin regulatory GENIUS Act is "an important step for the payment stablecoin market that can help stablecoins reach their full potential."
This echoed comments from SEC Chairman Paul Atkins, who stated on August 19 that the act is "a groundbreaking step for the U.S. Congress and government."
According to Nansen data, the recent minting of USD1 has pushed WLFI's treasury holdings to a record $548 million.
This stablecoin is now World Liberty's largest cryptocurrency holding asset, valued at $212 million, accounting for 39% of its total investment portfolio. Aave Ethereum USDT (AETHUSDT) is the project's second-largest investment, valued at $85 million, while it also holds an equivalent amount of Ethereum (ETH), with the project holding 19,650 ETH.
Earlier this month, reports indicated that World Liberty Financial is exploring the creation of a publicly traded company to hold its WLFI tokens, with a fundraising target of approximately $1.5 billion.
Related: Misunderstanding the GENIUS Act: A tool to break financial monopolies, not a crypto panacea
Original: “Trump's World Liberty Financial Mints 9% of Its Stablecoin Supply After Waller's Speech”
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