The Trump family’s decentralized finance venture, World Liberty Financial, has minted over $200 million worth of its stablecoin shortly after a speech by Federal Reserve Governor Christopher Waller praising stablecoins.
World Liberty announced on X on Thursday that it minted $205 million worth of the platform’s stablecoin, USD1, for its treasury, raising its supply to an all-time high of $2.4 billion in the token’s first major surge since late April.
Since its inception in early April, the Trump family-supported stablecoin has risen to become the world’s sixth-largest by market capitalization, trailing Tether’s $167 billion Tether (USDT) with a 60% market share, followed by Circle Internet Group’s $67.4 billion USDC (USDC) holding a 24% share.
Fed Governor and SEC Chair optimistic about stablecoins
The USD1 mint follows shortly after Waller’s pro-crypto speech at a blockchain conference in Wyoming, where he specifically endorsed stablecoins.
“I believe that stablecoins hold the potential to sustain and expand the dollar’s role globally,” Waller stated on Wednesday.
“They also have the capability to enhance retail and cross-border payments,” he added.
Waller noted that the stablecoin-regulating GENIUS Act, enacted last month, is “a significant move for the payment stablecoin market, potentially allowing them to reach their full capacity.”
This sentiment was reaffirmed by Securities and Exchange Commission Chair Paul Atkins, who remarked on Aug. 19 that the bill represents a “landmark step for the US Congress and government.”
WLFI treasury assets at record levels
The recent USD1 mint has elevated WLFI’s treasury assets to an unprecedented $548 million, as reported by Nansen.
Related: Trump’s World Liberty crypto tokens are on track to become tradable
The stablecoin constitutes World Liberty’s largest cryptocurrency asset at $212 million, making up 39% of its overall portfolio. Aave Ethereum USDT (AETHUSDT) follows as the second-largest investment at $85 million, along with a matching share of Ether (ETH), as the project holds 19,650 ETH.
Earlier this month, it was reported that World Liberty Financial is considering forming a publicly traded entity to hold its WLFI tokens, aiming for a fundraising target of approximately $1.5 billion.
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