March 25, 2025 (EIRNS)—With legislation advancing in both Houses of Congress to authorize cryptocurrency access to Federal Reserve payment systems and the Treasury market, a new “stablecoin” (supposed to have a stable equivalency to one U.S. dollar) has been announced by World Liberty Financial. This is a decentralized-finance or “de-fi” company associated with Donald Trump, Jr. and other members of President Donald Trump’s family, and whose CEO is Zach Witkoff, the son of Trump envoy Steve Witkoff. World Liberty Financial said the coin is called USD1, pegged to the dollar and backed by “Treasury bills, U.S. dollar deposits, and other cash equivalents,” according to CNBC today. The CNBC article names half a dozen other “stablecoins” and their issuers, and reiterates its own earlier claim that they are becoming “systematically important” to equity markets.
Then comes the billionaires’ pitch for these private currencies to become “drivers” of another debt bubble, the U.S. dollar’s Treasury market: “Treasury Secretary Scott Bessent said at this month’s inaugural White House Crypto Summit that ‘we are going to keep the U.S. the dominant reserve currency in the world and were going to use stablecoins to do that.’
