Can stablecoins “save the US dollar”? Eric Trump says yes. He told the New York Post that stablecoins could preserve dollar strength and defend U.S. reach.
Trump highlighted USD1, the stablecoin tied to World Liberty Financial (WLFI). He linked stablecoins to the US dollar in practical payments and settlement. He also defended his family’s crypto ventures during the interview.
The stablecoins debate now includes policy, compliance, and market design. It also centers on how a stablecoin like USD1 interacts with the US dollar in regulated channels. The comments keep Eric Trump and WLFI in the regulatory spotlight.
World Liberty Financial, USD1, and conflict of interest
World Liberty Financial (WLFI) surfaced in late March with USD1 as its stablecoin. Soon after, conflict of interest concerns appeared around the project and its ties to the Trump family. The questions focused on a sitting president’s proximity to a dollar-pegged token.
In April, Representative Maxine Waters, the ranking member of the House Financial Services Committee, escalated the warning. She said Donald Trump might push government payments into stablecoins. She added, “And which coin do you think Trump would replace the dollar with? His own, of course.” Five Democratic senators followed in March with a letter calling a president’s direct stake in a stablecoin an “unprecedented” risk to the financial system.
GENIUS Act and stablecoin regulation in the US
On July 18, President Donald Trump signed the GENIUS Act into law. The statute advanced stablecoin regulation in the United States. It placed stablecoins and the US dollar under a clearer domestic framework.
Critics then pointed to estimated gains from the family’s crypto ventures. By August, outside estimates put the president’s personal fortune growth at about $2.4 billion since 2022. Those figures renewed conflict of interest concerns around USD1 and WLFI, alongside the fresh stablecoin regulation push.
In early August, Senator Elizabeth Warren, with Senators Chris Van Hollen and Ron Wyden, sent a letter to the Office of the Comptroller of the Currency (OCC). They wrote: “Notably, the bill does nothing to prevent President Trump, his family, or his affiliates from financially benefiting from the issuance and sale of stablecoins and their use in transactions.” The letter pressed regulators on stablecoins, US dollar policy, and safeguards.
Do stablecoins strengthen the US dollar? Mixed views
Support for stablecoins as a US dollar tool exists inside the Federal Reserve. In February, Federal Reserve Governor Christopher Waller said he supports adoption. He argued stablecoins “will broaden the reach of the dollar across the globe and make it even more of a reserve currency than it is now.”
Industry voices echoed that position. In April, LayerZero Labs founder and CEO Bryan Pellegrino said stablecoins could help the US dollar maintain global primacy. He called them “the last Trojan Horse or vampire attack on every single other currency in the world.” His line underscored the reach a dollar-pegged stablecoin could have.
However, not all assessments align. In early July, asset manager Amundi suggested friendlier stablecoin regulation could also create long-term challenges for US dollar dominance. European policy advisers have likewise warned that slow, fragmented rules could shift power toward dollar-based stablecoins unless the region sets common standards.