The latest player to jump into the very crowded stablecoin space is the self-described "stable genius" himself — President Donald Trump. This week, his World Liberty Financial crypto project announced the launch of its own USD1 stablecoin,

The Trump family has significantly increased its control over World Liberty Financial, a decentralized finance platform still under development.

The token will backed by short-term U.S. government Treasurys, U.S. dollar deposits, and other cash equivalents, the company said.