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A sitting US president's family is projected to earn $150 million this year from a stablecoin they launched 15 months ago. World Liberty Financial Inc., co-founded by US President Donald Trump and his sons, is on track to generate nearly $150 million this year from issuing USD1, a dollar-pegged token it launched in March 2025, according to a Bloomberg News analysis of public disclosures and financial filings.
The stablecoin's growth has been aided by Binance, the world's largest cryptocurrency exchange, where most USD1 is held.
The Bloomberg analysis arrives as the GENIUS Act moves toward a Senate floor vote, as BPI urges Treasury to prevent regulatory arbitrage in the state stablecoin framework, and as Jamie Dimon publicly battles Brian Armstrong over the CLARITY Act's stablecoin yield provisions, placing the Trump family's stablecoin profits at the intersection of the most politically charged debates in US financial regulation.
Key Takeaways
- World Liberty Financial is on track to earn nearly $150 million in 2026 from USD1, the dollar-pegged stablecoin it launched in March 2025, per Bloomberg's analysis of financial filings.
- Binance holds approximately 87% of all USD1 supply, concentrated through a promotional partnership arrangement that NYU professor Austin Campbell described as designed to drive funds into USD1 and out of other stablecoins.
- The Trump family owns roughly 40% of World Liberty Financial and receives a large share of the revenue, with crypto activities reportedly increasing their net worth by over $1 billion.
Bloomberg analysis · June 5, 2026 · Financial filings · World Liberty Financial and Binance
How USD1 Works and Why It Is Generating $150 Million
USD1 is backed by US dollars and government money market funds, giving it the kind of conservative collateral profile that institutional players tend to prefer. The revenue model is straightforward and identical to the reserve yield model that every major stablecoin issuer uses: the more USD1 that gets minted and held, the larger the reserve pile grows, and the more interest income flows back to World Liberty Financial from the Treasuries and money market instruments backing those reserves.
The Bloomberg estimate is close to the $159.5 million "run rate" for USD1's annual revenue that World Liberty posted on social media in April.
That reserve yield mechanic is the same commercial model powering BlackRock BUIDL at 4.8% to 5.0% APY and Franklin Templeton BENJI at 4.5% to 4.8% APY, except that in USD1's case the yield from the reserve assets flows to World Liberty Financial rather than to the stablecoin holder.
As covered in our best stablecoin yields guide for May 2026, the distinction between yield-bearing stablecoins that distribute yield to holders and issuer-profit stablecoins that retain yield for the issuer is one of the most commercially significant design decisions in stablecoin product architecture, and USD1 is firmly in the issuer-profit category.
The Binance Relationship: 87% Concentration
The most commercially significant structural fact about USD1 is not its yield or its collateral. It is its distribution.
Binance holds approximately 87% of USD1's total supply. Nearly nine out of every ten USD1 tokens in existence sit within Binance's ecosystem. The concentration of USD1 on Binance didn't happen by accident.
World Liberty does not share revenue generated by USD1 with Binance, according to a person familiar with the matter. In separate statements, World Liberty and Binance said their relationship is not unusual. World Liberty does not share revenue with any exchanges, a spokesperson said.
NYU Stern adjunct professor Austin Campbell offered a direct interpretation of the commercial relationship: "All of that is marketing, and all of that is to drive funds into that stablecoin and out of other stablecoins."
The political dimensions of the Binance relationship extend beyond the promotional arrangement. Trump's pardon of Binance co-founder Changpeng Zhao in October caused some surprise. The president said he had "no idea" who Zhao is, but believed his prosecution was unjust.
Representatives for Zhao and Binance, as well as a separate US entity, have repeatedly said he no longer has control over day-to-day operations there. In February, he appeared at a crypto event hosted by World Liberty at Trump's Mar-a-Lago resort, saying he sees ample opportunities for Binance in the US.
The Conflict of Interest Debate
USD1's commercial success creates a conflict of interest debate that is unprecedented in modern US political history. The sitting president's family owns approximately 40% of an entity that is generating $150 million in annual revenue from a financial product that the president's administration is simultaneously regulating through the GENIUS Act legislative process.
As covered in our GENIUS Act analysis, the legislation establishes federal licensing standards for permitted payment stablecoin issuers. The president who is signing or influencing the legislation that will govern the regulatory framework for USD1 has a direct financial interest in that framework's outcome that is visible in the Bloomberg financial filing analysis.
The Binance relationship adds a second conflict of interest layer. The Trump administration's Department of Justice pardon of Binance co-founder Changpeng Zhao preceded the deepening promotional relationship between Binance and World Liberty Financial's USD1. Lawmakers have raised concerns about the alleged relationship. Connecticut Senator Chris Murphy said Binance.US was "promoting Trump crypto," a week after Trump pardoned Binance's founder.
As covered in our stablecoin market $322 billion milestone analysis, the stablecoin market has crossed records in the same period that USD1 has grown, making the regulatory and legislative decisions about how stablecoins are governed more commercially consequential for the Trump family than at any previous point in the legislation's development.
The Concentration Risk
Beyond the political and ethical conflict of interest questions, the 87% Binance concentration creates a specific commercial risk for USD1 that Bloomberg's reporting identifies.
If Binance's relationship with World Liberty Financial sours, or if regulatory action targets either party, the stablecoin's distribution network could contract rapidly. Bloomberg's $150 million profit projection for 2026 assumes current growth trajectories hold.
That concentration risk distinguishes USD1 from other major stablecoins. USDT and USDC are distributed across hundreds of exchanges, DeFi protocols, and payment platforms, meaning no single counterparty holds anywhere near 87% of their supply. For USD1, the commercial success and the concentration risk are two sides of the same Binance relationship.
As covered in our stablecoin risks guide, counterparty concentration is one of the most significant structural risks in stablecoin product architecture, and USD1's Binance dependency is the most extreme version of that risk currently visible in the top-ten stablecoin market cap rankings.
Conclusion
Bloomberg's financial filing analysis of World Liberty Financial's USD1 stablecoin is the most detailed quantification yet of the Trump family's direct financial stake in the stablecoin regulatory environment that the president's administration is simultaneously shaping.
The $150 million 2026 profit projection, the 87% Binance supply concentration, and the Trump family's approximately 40% ownership stake in World Liberty Financial collectively describe a conflict of interest at the intersection of presidential power and financial regulation that has no modern precedent in US political history.
The GENIUS Act framework that will determine how USD1 is regulated, the Binance relationship that has driven USD1's supply growth, and the reserve yield mechanics that are generating the $150 million are all components of the same stablecoin infrastructure that the US Congress is deciding how to govern. The president who will sign or veto that legislation owns approximately 40% of a company that will be materially affected by its terms.
FAQ:
1. What is World Liberty Financial and what is USD1?
World Liberty Financial is a crypto venture co-founded by US President Donald Trump and his sons that launched USD1, a dollar-pegged stablecoin backed by US dollars and government money market funds, in March 2025, with the venture generating revenue through the same reserve yield model that all major stablecoin issuers use, where interest income from the Treasury and money market instruments backing USD1's reserves flows back to World Liberty Financial rather than to USD1 holders, and Bloomberg's analysis of financial filings projects that revenue to reach approximately $150 million in 2026.
2. What is the difference between USD1 and USDC or USDT as stablecoins?
The difference between USD1 and USDC or USDT as stablecoins is that USD1 is issued by World Liberty Financial, a venture co-founded by a sitting US president and his family who own approximately 40% of the entity and receive a significant portion of the reserve yield revenue, while USDC is issued by Circle, an independent regulated fintech company, and USDT is issued by Tether, an offshore stablecoin issuer, with both USDC and USDT distributed across hundreds of exchanges and platforms rather than concentrated 87% with a single exchange as USD1 is with Binance, creating a distribution concentration and political conflict of interest dynamic that neither USDC nor USDT carries.
3. Why does Binance hold 87% of USD1's supply?
Binance holds approximately 87% of USD1's supply because of a promotional arrangement between Binance and World Liberty Financial that NYU Stern adjunct professor Austin Campbell described as designed to drive funds into USD1 and out of other stablecoins, with the promotional relationship including high-yield USD1 programs on Binance's Simple Earn platform offering up to 20% APR on USD1 holdings that incentivized Binance users to hold USD1 rather than USDT or USDC, creating a distribution concentration that Bloomberg's reporting notes creates significant counterparty risk if the Binance relationship were to deteriorate or face regulatory action.
4. What conflict of interest does USD1 create for the Trump administration?
The conflict of interest that USD1 creates for the Trump administration is that the sitting president's family owns approximately 40% of World Liberty Financial, which is projected to generate $150 million in 2026 from issuing a stablecoin that the president's administration is simultaneously regulating through the GENIUS Act legislative process, meaning the president has a direct financial interest in the regulatory framework governing USD1's commercial viability at the same time that his administration is making decisions about that framework, with the Binance pardon and the subsequent deepening of the Binance and World Liberty Financial promotional relationship adding a second layer of potential conflict between executive action and the family's commercial interests.
5. What is the significance of the Trump family's $1 billion net worth increase from crypto activities?
The significance of the Trump family's $1 billion plus net worth increase from crypto activities is that it quantifies the personal financial stakes that the president and his family have in the regulatory and legislative decisions about stablecoins and digital assets that the administration is actively making, including the GENIUS Act stablecoin licensing framework, the OCC charter decisions that affect crypto-adjacent banking, and the Binance co-founder pardon, creating a documented financial interest in outcomes that the president's official actions are directly shaping in ways that have no modern precedent in US presidential financial disclosure history.
6. How does USD1's revenue model work?
USD1's revenue model works through the same reserve yield mechanics that every major stablecoin issuer uses, where World Liberty Financial holds the US dollars and government money market fund assets backing every USD1 token in circulation, invests those reserves in short-term Treasuries and money market instruments earning approximately 4% to 5% in annual interest income, and retains that interest income as revenue rather than distributing it to USD1 holders, meaning that the larger the USD1 supply grows, the larger the reserve pool becomes, and the more interest income accrues to World Liberty Financial, creating a revenue model that Bloomberg projects will generate approximately $150 million in 2026 based on current supply levels and prevailing Treasury rates.
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
