World Liberty Financial CEO defends stablecoin against cronyism claims

When your dad is the president’s Middle East envoy, your company is majority-owned by a Trump-affiliated entity, and your stablecoin just landed a federal bank charter, the “cronyism” label is going to follow you around like a lost puppy. Zach Witkoff, co-founder and CEO of World Liberty Financial, is trying to shake it off. In a recent CNBC appearance, Witkoff argued that USD1’s rapid growth from launch to a roughly $4-5 billion market cap speaks for itself. His pitch: markets don’t lie, and a stablecoin doesn’t crack the top five in circulation on name recognition alone. The numbers behind the defense USD1 launched in March 2025, backed primarily by US Treasuries and available on major platforms including Binance. In roughly 17 months, it climbed to a market capitalization in the $4-5 billion range, placing it among the five largest stablecoins in circulation. Witkoff has also pointed to a regulatory milestone as evidence of legitimacy. In mid-August 2026, the Office of the Comptroller of the Currency granted World Liberty Financial preliminary conditional approval for a national trust bank charter. If finalized, the charter would allow WLF to issue and custody USD1 directly, cut...