A new cryptocurrency token from US President Donald Trump’s family venture World Liberty Financial started trading on Monday, raking in billions of dollars with noticeable support from China’s crypto community after his son’s trip to Asia.
Zhao resigned from Binance in 2023 and is no longer involved in its management as part of an agreement with the US government, although he remains the largest shareholder. In July, Bloomberg reported that Binance played a key role in World Liberty Financial’s stablecoin USD1, which Zhao denied and called the report a “hit piece”. Zhao said during a podcast in May that he was seeking a pardon from President Trump.
Justin Sun, the founder of Tron, said in a social media post on Monday that the Trump family project would be “one of the biggest and most important projects in crypto”.
Early on Tuesday, about 27.35 billion WLFI tokens were in circulation with a total market value of around US$6.5 billion, according to data on CoinGecko. The crypto token’s price reached a high of US$0.33 shortly after its public debut before falling 16 per cent to US$0.23.
There was a total supply of 100 billion WLFI tokens, of which DT Marks DEFI, an entity affiliated with the Trump family, holds 22.5 billion, according to the World Liberty Financial website.
