Trump’s USD1 Stablecoin Under Fire as Senators Demand OCC Action

Three Democratic senators are pressuring U.S. bank regulators to address potential conflicts of interest involving President Trump's family and their cryptocurrency ventures. The focus is on USD1, a stablecoin launched by World Liberty Financial, a crypto firm tied to the Trump family. With a market cap of $2.17 billion, USD1 has quickly risen to become the seventh-largest stablecoin globally.

The senators' letter to the Office of the Comptroller of the Currency (OCC) highlights concerns over the Trump family's financial stakes in crypto while overseeing regulatory frameworks. The timing coincides with new legislation granting the OCC broad authority over stablecoin regulation, placing OCC head Jonathan Gould in a pivotal oversight role.

USD1's rapid growth and alleged connections to a $2 billion investment have intensified scrutiny. The senators argue that such ventures threaten financial fairness and demand transparency from regulators.