The Trump family DeFi project minted $205 million USD1, pushing its treasury holdings and the stablecoin supply to record highs.
The Trump family’s decentralized finance project, World Liberty Financial, minted more than $200 million worth of its stablecoin hours after a speech by Federal Reserve Governor Christopher Waller, praising stablecoins.
World Liberty posted to X on Thursday that it minted $205 million worth of the platform’s stablecoin, USD1, for its treasury, boosting its supply to a record high of $2.4 billion in the token’s first significant increase since late April.
Since it was launched in early April, the Trump family-backed stablecoin has become the world’s sixth-largest in terms of market capitalization, led by Tether’s $167 billion-strong Tether (USDT) with a 60% market share, followed by Circle Internet Group’s $67.4 billion USDC (USDC) with a 24% share.
Fed governor, SEC chair bullish on stablecoins
The USD1 mint came just hours after the Fed’s Waller made a pro-crypto speech that specifically touted stablecoins.
“I believe that stablecoins have the potential to maintain and extend the role of the dollar internationally,” Waller said on Wednesday at a blockchain conference in Wyoming.
“Stablecoins also have the potential to improve retail and cross-border payments,” he added.
Waller said the stablecoin-regulating GENIUS Act signed into law last month was “an important step for the payment stablecoin market and could help stablecoins reach their full potential.”
It echoed comments from Securities and Exchange Commission Chair Paul Atkins, who said on Aug. 19 that the bill is a “seminal step for the US Congress and government.”
WLFI treasury holdings at record high
The recent USD1 mint has boosted the WLFI treasury holdings to a record $548 million, according to Nansen.
Related: Trump’s World Liberty crypto tokens are set to become tradable
The stablecoin is now World Liberty’s largest crypto holding at $212 million and 39% of its total portfolio. Aave Ethereum USDT (AETHUSDT) is the project’s next biggest investment at $85 million, along with an equal value share of Ether (ETH), as the project holds 19,650 ETH.
Earlier this month, it was reported that World Liberty Financial was exploring the creation of a publicly traded company to hold its WLFI tokens, with a fundraising target of around $1.5 billion.
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