{{Short description|Decentralized finance protocol}} {{Use mdy dates|date=January 2025}} {{Infobox cryptocurrency | name = World Liberty Financial | image_1 = World Liberty logo (2025).svg | symbol = WLFI | code = WLFI | white_paper = [https://worldlibertyfinancial.com/whitepaper White paper] | initial_release_date = {{start date|2024|09|16}} | latest_release_date = {{start date|2025|09|01}} | status = Active | developer = World Liberty Financial Inc. | programming_languages = Solidity (Ethereum), Rust (Solana) | operating_system = Cross-platform | platform = Ethereum <br/> Solana <br/> BNB Smart Chain | block_explorer = [https://etherscan.io/token/0xda5e1988097297dcdc1f90d4dfe7909e847cbef6 Etherscan] | circulating_supply = 24.67 billion WLFI (Sept 2025) | supply_limit = 100 billion WLFI | website = {{URL|worldlibertyfinancial.com}} }}
'''World Liberty Financial''' ('''WLFI''') is a decentralized finance protocol developed by its namesake company. It was founded in 2024 by Zachary Folkman, Chase Herro, Alex Witkoff, Zach Witkoff, and Trump family members. It is a business venture of the Trump family.<ref>{{Cite news |date=2025 |title=How the Trump companies made $1bn from crypto |url=https://www.ft.com/content/2ea2b35b-e009-42ed-b4d3-6b21aa9b2a13 |work=Financial Times}}</ref> The Trump family receives 75% of net proceeds when WLFI sells tokens, as well as gets a cut of stablecoin profits.<ref name=":3">{{Cite web |last=Dapena |first=David Uberti, Juanje Gómez and Kara |date=2025-12-18 |title=The Trump Family Business Empire Is Growing. We Mapped Out 268 Pieces of It. |url=https://www.wsj.com/politics/elections/trump-family-business-visualized-6d132c71 |website=The Wall Street Journal |language=en-US}}</ref> By December 2025, the Trumps had profited $1 billion on proceeds, while holding $3 billion worth of unsold tokens.<ref name=":3" />
The company has been subject of extensive reporting on conflict of interest stemming from Donald Trump's involvement, including secret deals with foreign entities and businesspeople who had previously been under criminal investigation or convicted.<ref name="Lipton 04292025" /><ref name="Maccioni 05012025" /> One of World Liberty's few publicly known investors is crypto billionaire Justin Sun; shortly after Trump took office in 2025, Sun invested $30 million into World Liberty and an SEC investigation into him was subsequently dropped.<ref name=":1">{{Cite web |date=2025-05-02 |title=Trump family's net worth has increased by $2.9 billion thanks to crypto investments, new report says |url=https://www.cbsnews.com/news/trump-family-net-worth-crypto-investments/ |website=CBS News |language=en-US}}</ref> In 2025, President Trump pardoned Changpeng Zhao, who had been convicted of anti-money-laundering compliance failures, after his company Binance had helped enrich World Liberty Financial.<ref name=":1" />
In 2025, a firm associated with the Abu Dhabi government purchased $2 billion worth of USD1 stablecoins from World Liberty and secretly bought a 49% stake in the company for half a billion dollars; shortly hereafter, the Trump administration approved a plan to give the UAE firm hundreds of thousands of advanced, scarce computer chips, despite national security concerns.<ref name=":2" /><ref name=":4">{{Cite web|title=‘Spy Sheikh’ Bought Secret Stake in Trump Company|url=https://www.wsj.com/politics/policy/spy-sheikh-secret-stake-trump-crypto-tahnoon-ea4d97e8|website=The Wall Street Journal|date=2026-02-01|language=en-US|first=Sam Kessler, Rebecca Ballhaus, Eliot Brown and Angus Berwick {{!}} Design by Annie|last=Ng}}</ref> Legal experts have described the UAE deal as a potential violation of the emoluments clause of the U.S. Constitution.<ref name=":4" />
==History== In September 2024, Trump announced that his sons would enter the cryptocurrency marketplace with a new venture called World Liberty Financial. In October, it announced its first initiative marketing a cryptocurrency called $WLFI. By the end of October 2024, the company had only sold $2.7 million worth of $WLFI, which abruptly changed and soared following Trump's victory in the 2024 United States presidential election.<ref name="Lipton 04292025"/>
In 2025, Justin Sun acquired $WLFI tokens, reportedly for at least $75 million.<ref name=":0">{{Cite news |date=2025 |title=US SEC, Tron founder Justin Sun explore resolution of civil fraud case |url=https://www.reuters.com/legal/us-sec-tron-founder-justin-sun-explore-resolution-civil-fraud-case-2025-02-26/ |work=Reuters}}</ref> Sun was also named a World Liberty Financial advisor.<ref name=":0" /> In February 2025, shortly after Trump took office as president for the second time, the Securities and Exchange Commission was reported to be backing off an investigation that it was conducting into Sun's companies.<ref name=":0" /> The financial relationship between Trump and Sun raised potential conflicts of interest at that time.<ref name=":0" />
In March 2025, World Liberty announced it would launch USD1, a dollar-pegged stablecoin backed by U.S. treasuries, dollars, and other cash equivalents.<ref name="Maccioni 05012025"/> Steve Witkoff later announced that stablecoin USD1 would be integrated into Tron, Sun's blockchain.<ref name="Maccioni 05012025"/>
In May 2025, MGX, an Abu Dhabi-state backed company led by Tahnoun bin Zayed Al Nahyan of the Abu Dhabi royal family and National Security Advisor of United Arab Emirates, announced it would use $2 billion worth of the USD1 stablecoin launched by World Liberty to finance a deal in crypto exchange Binance.<ref>{{Cite news |last=Yaffe-Bellany |first=David |date=2025-05-01 |title=At a Dubai Conference, Trump's Conflicts Take Center Stage |url=https://www.nytimes.com/2025/05/01/us/politics/trump-cryptocurrency-usd1-dubai-conference-announcement.html |work=The New York Times |language=en-US |issn=0362-4331}}</ref><ref name=":2">{{Cite news |date=2025-09-15 |title=In Giant Deals, U.A.E. Got Chips, and Trump Team Got Crypto Riches |url=https://www.nytimes.com/2025/09/15/us/politics/trump-uae-chips-witkoff-world-liberty.html |work=New York Times |language=en}}</ref> The deal was criticized by government ethics experts over potential conflicts of interest. Reuters reported that an anonymous cryptocurrency wallet holding approximately $2 billion worth of World Liberty Financial’s USD1 stablecoin received the funds between April 16 and 29, though the owner of the wallet could not be identified. Reuters also reported that Zach Witkoff and two other World Liberty co-founders met with Binance founder and former CEO Changpeng Zhao in Abu Dhabi.<ref name="Maccioni 05012025">{{Cite news|last1=Maccioni|first1=Federico|date=May 1, 2025|title=Trump's stablecoin chosen for $2 billion Abu Dhabi investment in Binance, co-founder says|work=Reuters|url=https://www.reuters.com/world/middle-east/wlfs-zach-witkoff-usd1-selected-official-stablecoin-mgx-investment-binance-2025-05-01/|access-date=May 1, 2025}}</ref> Shortly after Sheik Tahnoun put money into the World Liberty Financial, the Trump administration approved a plan to allow one of Tahnoun's companies to receive hundreds of thousands of the world’s most advanced and scarce computer chips, despite national security concerns that the chips would end up in China.<ref name=":2" />
In January 2026, World Liberty Trust, a trust company owned by WLF and with Zach Witkoff as its president and chairman, applied for a national banking license in the U.S. Per ''The Wall Street Journal'', the license "would allow World Liberty Trust to issue and safeguard USD1."<ref>{{cite news |last1=Ge Huang |first1=Vicky |title=World Liberty, Flagship in Trumps’ Crypto Fleet, Seeks a U.S. Banking License |url=https://www.wsj.com/finance/currencies/world-liberty-flagship-in-trumps-crypto-fleet-seeks-a-u-s-banking-license-72cca502 |url-access=limited |access-date=January 7, 2026 |work=Wall Street Journal |date=January 7, 2026}}</ref>
Later that month, Pakistan signed an agreement with SC Financial Technologies, a company affiliated with WLF to explore using WLF’s USD1 stablecoin for cross-border payments. The partnership aimed to integrate the stablecoin into Pakistan's regulated digital payment system. This deal marked one of the first public collaborations between WLF and a sovereign nation.<ref>{{Cite news |last=Shahid |first=Ariba |date=2026-01-14 |title=Exclusive: Pakistan to partner with World Liberty Financial on dollar-linked stablecoin, source says |url=https://www.reuters.com/business/finance/pakistan-partner-with-world-liberty-financial-dollar-linked-stablecoin-source-2026-01-14/ |work=Reuters}}</ref>
At the end of January 2026, it was reported that days before Trump's inauguration Tahnoun bin Zayed Al Nahyan interests had agreed to buy 49% of WLFI for half a billion dollars.<ref name=":4" /><ref>{{Cite web|url=https://www.telegraph.co.uk/business/2026/02/01/trump-sold-spy-sheikh-500m-stake-in-family-crypto-empire/|title=Trump sold ‘spy sheikh’ $500m stake in family crypto empire|first=James|last=Titcomb|date=February 1, 2026|via=www.telegraph.co.uk}}</ref> WLF did not disclose that Tahnoun had purchased the 49% share.<ref name=":4" /> WLF also did not disclose to the public that two Tahnoun affiliates, Martin Edelman (general counsel of Tahnouun's company G42) and Peng Xiao (CEO of G42), had been put on the board of WLF.<ref name=":4" />
In January 2026, the Pakistani government signed an agreement with WLF to incorporate cryptocurrency into Pakistan's financial system.<ref name=":5">{{Cite news |last=Protess |first=David Yaffe-BellanyBen |last2=Peltier |first2=Elian |date=2026-03-26 |title=After Wooing Trump With Deals, Pakistan Gets a Seat at the Table |url=https://www.nytimes.com/2026/03/26/us/politics/trump-pakistan-iran.html |work=The New York Times |language=en-US |issn=0362-4331}}</ref> Zach Witkoff negotiated the agreement with Muhammad Aurangzeb, the Pakistani finance minister.<ref name=":5" /> A month later, Steve Witkoff negotiated an unusual deal with Aurangzeb whereby the American and Pakistani governments would explore the redevelopment of the Roosevelt Hotel in Manhattan, which the Pakistan government owns.<ref name=":5" />
In March 2026, the Seychelles-based cryptocurrency company KuCoin received a favorable settlement case with the CFTC under the second Trump administration.<ref name=":6">{{Cite news |date=2026-05-24 |title=How Prediction Markets and Crypto Firms Steamrolled a Watchdog Agency |url=https://www.nytimes.com/2026/05/24/us/how-prediction-markets-and-crypto-firms-steamrolled-a-watchdog-agency.html |work=The New York Times |language=en-US |issn=0362-4331}}</ref> Before it received the favorable settlement in the case which was originally pursued by the CFTC under the Joe Biden administration, KuCoin entered into a partnership with WLF.<ref name=":6" />
In March 2026, World Liberty Financial offered "guaranteed direct access" to members of its business development team and other executives in exchange for investors holding $5 million worth of the $WLFI token for a six-month period.<ref>{{cite news |last1=Conlin |first1=Michelle |last2=Wilson |first2=Tom |title=Trump crypto venture offers “guaranteed direct access” for $5 million |url=https://www.reuters.com/business/trump-crypto-venture-offers-guaranteed-direct-access-5-million-2026-03-13/ |work=Reuters |date=13 March 2026}}</ref>
In April 2026, ''Forbes'' reported that Steve Witkoff had substantially enriched himself during his tenure in the second Donald Trump administration, in large part due to his investments in WLF.<ref name=":12">{{Cite news |date=2026 |title=How Peace Envoy Steve Witkoff Got Richer Thanks To Trump And Elon Musk |url=https://www.forbes.com/sites/giacomotognini/2026/04/04/how-peace-envoy-steve-witkoff-got-richer-thanks-to-trump-and-elon-musk/ |work=Forbes}}</ref>
In April 2026, Justin Sun filed a lawsuit against World Liberty Financial over alleged extortion. He claimed that he had been denied the voting rights he had been promised for the WLFI token and that, on top of that, wallets had been frozen.<ref>{{Cite web |date=2026-04-22 |title=Trump family crypto firm sued over alleged 'extortion' |url=https://www.bbc.com/news/articles/c8x7kxjgq9xo |access-date=2026-05-14 |website=www.bbc.com |language=en-GB}}</ref>
==USD1== USD1 is a stablecoin issued by World Liberty Financial. It was launched in March 2025.<ref>{{Cite web|url=https://www.wsj.com/finance/currencies/trump-backed-world-liberty-financial-unveils-plans-for-new-stablecoin-86b596b4 |title=Trump Family Venture Plunges Deeper Into Crypto With New ‘Stablecoin’ |first=Vicky Ge |last=Huang |date=March 25, 2025 |website=WSJ |access-date=November 29, 2025}}</ref>
In June 2025, World Liberty Financial formed a joint initiative with PancakeSwap, a decentralized finance protocol operated by Binance, to promote its stablecoin, USD1.<ref name="wsj2025">{{Cite web|url=https://www.wsj.com/finance/currencies/trump-family-crypto-1e7ab14a |title=The Recipe Behind the Trump Family’s Crypto Riches: PancakeSwap |first1=Angus |last1=Berwick |first2=Patricia |last2=Kowsmann |date=August 12, 2025|website=WSJ |access-date=November 29, 2025}}</ref> Hundreds of patriotic-sounding memecoins, such as Torch of Liberty and Eagles Landing, were created by users of Chinese origin to promote USD1.<ref name="wsj2025"/> PancakeSwap also started a "Liquidity Drive" program, offering prizes of up to $1 million to increase trading of USD1 on its platform.<ref name="wsj2025"/>
As of 2025, USD1 has a circulation supply of $2 billion and most of it is held by Binance, which allows World Liberty Financial to earn around $80 million per year by investing in government bonds and money market funds.<ref name="wsj2025"/>
==Ownership== The company has been noted for its close connections to Donald Trump. A Trump business entity owns 60 percent of World Liberty, and is entitled to 75 percent of all revenue from coin sales. Eric Trump and Donald Trump Jr. are actively involved in the management of the company, and rely on three partners, Zachary Folkman, Chase Herro, and Zach Witkoff, to maintain daily operations. The Trump family and its affiliates were given 22.5 billion units of World Liberty's coins, $WLFI; the company says those who buy $WLFI will be able to vote on certain decisions like shareholders in a traditional company.<ref name="Lipton 04292025">{{Cite news|last1=Lipton|first1=Eric|last2=Yaffe-Ballany|first2=David|last3=Protess|first3=Ben|date=April 29, 2025|title=Secret Deals, Foreign Investments, Presidential Policy Changes: The Rise of Trump's Crypto Firm|work=The New York Times|url=https://www.nytimes.com/2025/04/29/us/politics/trump-crypto-world-liberty-financial.html|url-access=subscription|access-date=May 1, 2025|issn=0362-4331}}</ref>
UAE Royal Family owns a 49 percent stake, a deal signed prior to Trump’s second inauguration (Reported in a February 2026 New York Times article).
According to an analysis by ''The New Yorker'' in August 2025, the Trump family had gained $412.5 million from the venture.<ref>{{Cite news |last=Kirkpatrick |first=David D. |date=2025-08-11 |title=How Much Is Trump Profiting Off the Presidency? |url=https://www.newyorker.com/magazine/2025/08/18/the-number |access-date=2025-08-11 |work=The New Yorker |language=en-US |issn=0028-792X}}</ref>
==Management== Donald Trump's company title is "chief crypto advocate", his 19-year-old son Barron Trump is listed as the project's "DeFi (decentralized finance) visionary", Ogle from Glue is listed as a key advisor, and Eric Trump and Donald Trump Jr. each have the title "Web3 ambassador."<ref>{{Cite news |last1=Goldstein |first1=Matthew |last2=LaFraniere |first2=Sharon |last3=Yaffe-Bellany |first3=David |date=September 16, 2024 |title=Trump Rolls Out His New Cryptocurrency Business |url=https://www.nytimes.com/2024/09/16/technology/trump-crypto-world-liberty-financial.html |work=The New York Times}}</ref><ref> {{Cite news |last1=LaFraniere |first1=Sharon |last2=Yaffe-Bellany |first2=David |date=October 7, 2024 |title=The 'Crypto Punks' Behind Trump's Murky New Business Venture |url=https://www.nytimes.com/2024/10/07/us/politics/donald-trump-crypto-2024-campaign.html |work=The New York Times}}</ref><ref>{{Cite web |last=Chandonnet |first=Henry |date=October 4, 2024 |title=Scammers are flooding Trump's new crypto exchange |url=https://www.fastcompany.com/91201531/scammers-are-flooding-trumps-new-crypto-exchange |website=Fast Company}}</ref> Steve Witkoff's son, Zach Witkoff, is a co-founder of the company. WLFI has been marketed as a portal for traders to invest in cryptocurrency and use those cryptocurrency assets for both borrowing and lending.<ref name="son">Jacob Kornbluh (December 15, 2024). [https://forward.com/fast-forward/682963/grandson-steve-witkoff-donald-trump/ "Newborn grandson of Trump’s Mideast envoy named after Trump,"] ''The Forward''.</ref><ref>Eric Lipton, Ben Protess, and David Yaffe-Bellany (December 5, 2024). [https://www.nytimes.com/2024/12/05/us/politics/trump-organization-ethics-policy-foreign-deals.html?searchResultPosition=5 "Trump Organization Plans an Ethics Policy Without Banning Foreign Deals,"] ''The New York Times''.</ref>
== See also == * American Bitcoin
== References == {{reflist}} https://cryptotechinsights.com/world-liberty-financial-wlfi/
== External links == * {{Official website|https://www.worldlibertyfinancial.com}}
{{Ethereum}} {{Trump businesses}}
Category:2024 establishments in the United States Category:Projects established in 2024 Category:Decentralized finance Category:Ethereum-based protocols Category:Business career of Donald Trump