In a move that has stirred both intrigue and concern in political and financial circles, President Donald Trump’s crypto firm, ‘World Liberty Financial’, has expanded its relationship with controversial blockchain figure Justin Sun, despite the latter’s ongoing legal troubles in the United States.
At the centre of this new collaboration is USD1, a Trump-backed stablecoin pegged to the U.S. dollar, now being minted on Sun’s Tron blockchain, a platform flagged in 2024 for hosting more illicit crypto transactions than any other, including Bitcoin and Ethereum.
A President, A Blockchain, and a Billionaire
Trump, who has proclaimed his ambition to make the U.S. the “crypto capital of the world,” continues to tie his political brand with the volatile world of digital assets. According to Forbes, the Trump family controls approximately 40% of World Liberty Financial, where he serves as chief crypto advocate. Since its launch in April, the company’s stablecoin, USD1, has quickly expanded across several platforms.
That expansion now includes the Tron network, whose founder, Justin Sun, announced the minting of USD 1 on June 11. “The first USD1 minted on Tron—just the beginning of something much bigger,” posted World Liberty Financial’s X account. “Appreciate the support, @justinsuntron. Let’s bring USD1 everywhere.”
While the collaboration strengthens Trump’s digital finance venture, it also raises serious questions about ethics and risk. Tron, after all, is not just another blockchain—it’s one **accused of facilitating the majority of illicit crypto flows in 2024**, according to blockchain intelligence firm **TRM Labs**.
Charges and Concerns
In March 2023, the SEC filed civil charges against Sun for market manipulation and selling unregistered securities. Although Sun denied the charges, the case was paused this year to allow for possible settlement talks, shortly after he invested $30 million into World Liberty Financial.
Molly White, a crypto researcher cited by *Forbes*, highlighted the financial implications of the Tron partnership: “World Liberty Financial earns interest on its USD1 reserves, so the more USD1 minted, including by Tron, the more the president’s company stands to profit.”
Despite this, questions around transparency and risk management remain. “We’ve seen increased criminal use of stablecoins on the Tron blockchain,” White noted. “There is very little transparency into how the project intends to grapple with this persistent problem, and whether they have the capacity to do so responsibly.”
In fairness, TRM Labs also noted a **significant decline in illicit volume** on Tron in 2024, attributing it to the network’s efforts to root out abuse, including partnering with TRM Labs to create “the first-ever private-sector financial crime unit.”
White House Denial and Conflicts of Interest
As with many of Trump’s ventures, the entanglement of political power and personal business has sparked debates over conflict of interest. But **White House Deputy Press Secretary Anna Kelly** downplayed any ethical concerns, telling *Forbes* that Trump faces none because his “assets are in a trust managed by his children.”
However, regulatory filings suggest that Trump maintains substantial control. His **Donald J. Trump Revocable Trust**, the same vehicle used during his first term, lists him as its sole donor and beneficiary, with Donald Trump Jr. as trustee. As of April, **Trump had earned \$57.4 million** from World Liberty Financial—despite the firm only launching in September 2024.
The Bigger Web
What’s perhaps more unsettling is that Tron isn’t the only controversial platform hosting USD1. In May, the stablecoin was added to KuCoin, an exchange recently banned in the U.S. after pleading guilty to anti-money laundering violations, and Binance, which paid $4 billion in penalties last November over similar infractions. Days after USD1 launched on Binance, the SEC dropped its lawsuit against the exchange.
Meanwhile, Tron is set to go public via a reverse merger with SRM Entertainment, a toy manufacturer. As part of the deal, SRM will raise $100 million to buy Tron tokens and issue over $200 million in shares and warrants. The newly branded Tron Inc. will list Justin Sun as an advisor. A now-denied post by Sun also claimed **Eric Trump** would join the firm, calling him a “great friend.”
Interestingly, the merger was facilitated by **Dominari Securities**, a company partially owned by **Donald Trump Jr. and Eric Trump** through Dominari Holdings. The brothers were awarded equity in exchange for sitting briefly on an advisory board alongside other Trump Organization executives.
Crypto on Capitol Hill
The developments come at a time when crypto legislation is heating up. Just this Tuesday, the Senate passed the **Genius Act**, a bill aiming to define stablecoin regulations. In response to Trump’s crypto dealings, **Sen. Jeff Merkley introduced the End Crypto Corruption Act, designed to bar top public officials from creating or backing crypto assets. The bill, which now has **24 co-sponsors**, remains under review.
Conclusion
President Trump’s foray into crypto has rapidly evolved from campaign rhetoric into a high-stakes, high-reward financial enterprise. With billions at stake and controversial allies in the mix, USD1 is more than just another stablecoin—it’s becoming a litmus test for how intertwined politics, policy, and digital assets can become.
Adapted from original reporting by Zach Everson for Forbes. All quotes remain as published by Forbes on June 18, 2025.
