Eric Trump, son of US President Donald Trump, has declared that stablecoins are essential for saving the US dollar from decline. In a New York Post interview, he specifically endorsed the USD1 stablecoin, developed by his family's venture, World Liberty Financial (WLFI), which was announced in March.
The project has sparked significant controversy, with critics like attorney Andrew Rossow labeling it a "direct violation of constitutional safeguards" due to potential conflicts of interest. In April, Representative Maxine Waters accused Donald Trump of aiming to manipulate the dollar for personal gain, and five Democratic senators warned of "unprecedented risks" in a March letter.
Despite this, the Trump administration advanced stablecoin regulation with the GENIUS Act, signed in July. During this period, allegations surfaced that Donald Trump's wealth grew by approximately $2.4 billion from crypto ventures.
Support for stablecoins comes from Federal Reserve Board Member Christopher Waller, who argued they will broaden the dollar's global reach, and LayerZero Labs CEO Bryan Pellegrino, who called them a powerful tool for maintaining dollar dominance. Conversely, European institutions like Amundi caution that such moves could undermine the dollar long-term.