World Liberty Financial CEO Zach Witkoff has pushed back against allegations that the firm’s USD1 stablecoin is being used to channel funds to the Trump family.
Speaking to CNBC on August 25th, Witkoff dismissed concerns about so-called “Trump cronyism,” pointing instead to what he described as the stablecoin’s organic traction and genuine utility.
Witkoff, the son of Steve Witkoff, the administration’s special envoy to the Middle East, argued that fears about USD1 being used to funnel money to the Trump family are misplaced.
He cited the stablecoin’s utility, liquidity, and distribution as evidence that it is serving real market participants rather than functioning as a vehicle for political favors.
Witkoff said USD1 has more than $4 billion in circulation and recorded $1.7 billion in trading volume over a single 24-hour period prior to his interview.
According to Witkoff, those figures demonstrate that real transactors are actively using USD1, lending credibility to his argument that the token has developed independent economic momentum.
On the question of his relationship with the president, Witkoff was direct, saying he has “never talked to” the president about business, adding that he “never has, never will.”
He said his focus remains on delivering utility to World Liberty Financial’s customers, distancing himself from any suggestion of improper political coordination.
World Liberty Financial, which is backed by Eric Trump and Donald Trump Jr., recently secured conditional approval for a national trust-bank charter that would allow it to handle USD1 issuance and custody internally.
A UAE-linked group has acquired a 49% stake in the company, a development that has drawn scrutiny from Democratic lawmakers who are concerned about potential foreign influence over U.S. policy.
The Trump family reportedly earns income tied to the project, a fact that has intensified questions about whether foreign entities might be seeking to gain leverage through financial investments in Trump-associated ventures.
Democratic lawmakers have raised formal concerns about the potential conflicts of interest that arise when foreign policy figures have family members running crypto ventures backed by foreign capital.
The controversy reflects a broader debate in Washington about the intersection of digital assets, political power, and foreign investment, with USD1 sitting at the center of that conversation.
