Eric Trump, son of US President Donald Trump and a vocal supporter of digital assets, believes stablecoins could play a pivotal role in securing the long-term strength of the US dollar.
In an interview with The New York Post on Friday, Eric Trump argued that stablecoins — including USD1, the Trump family–backed token launched through World Liberty Financial (WLFI) — could “save the US dollar.”
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The project, however, has been mired in controversy since its unveiling in March. Critics, including legal experts and lawmakers, have raised conflict of interest concerns, noting that a sitting president’s direct involvement in a private crypto venture represents an unprecedented overlap between public policy and personal financial interests.
Attorney Andrew Rossow previously described WLFI as “a direct affront to constitutional safeguards meant to prevent conflicts of interest.”
Mounting Criticism Over Conflicts of Interest
In March, five Democratic senators issued a joint letter warning that a president holding a financial stake in a stablecoin project posed “serious risks to financial stability and governance.”
Eric Trump at a crypto conference. Source: Wikimedia
The criticism only intensified after President Trump signed the GENIUS Act into law on July 18, establishing a federal framework for stablecoins. By August, watchdog groups estimated that Trump’s personal wealth had increased by more than $2.4 billion due to his family’s expanding crypto ventures.
Senator Elizabeth Warren, along with Chris Van Hollen and Ron Wyden, urged regulators to scrutinize the Trump family’s financial ties, warning that current laws “do nothing to prevent President Trump, his family, or his affiliates from profiting directly from stablecoin issuance and usage.”
Can Stablecoins Strengthen the Dollar?
Despite political scrutiny, Eric Trump’s argument mirrors comments from financial leaders who see stablecoins as a strategic advantage for the United States. Earlier this year, Federal Reserve Governor Christopher Waller said stablecoins could broaden the reach of the dollar and reinforce its status as the world’s reserve currency.
LayerZero Labs CEO Bryan Pellegrino went further, calling stablecoins “the last Trojan Horse” that could outcompete other fiat currencies by embedding the US dollar deeper into the global financial system.
Not everyone is convinced. European asset manager Amundi suggested in July that widespread adoption of US stablecoins could undermine dollar dominance in the long term, especially if global markets seek alternatives to reliance on American monetary policy.