Legislator Maxine Waters claims that President Donald Trump wants to replace the US dollar with the stablecoin launched by World Liberty Finance (WLFI). Waters accuses Trump of a conflict of interest since the WLFI project is supported by his family.
USA and Waters’ accusations against Trump: conflict of interest with the stablecoin USD1
The representative from California Maxine Waters, member of the United States House Financial Services Committee, spoke about the proposals for stablecoin legislation.
Specifically, Waters insinuated that President Donald Trump might want to replace the US dollar with the stablecoin USD1 launched by the company backed by his family, the World Liberty Finance (WLFI).
Here are his words on the matter:
“Probably Trump wants the entire government to use stablecoins, from payments made by the Department of Housing and Urban Development, to social security payments, to tax payments. And with which currency do you think Trump wants to replace the dollar? His own, of course.”
Other legislators also join the idea that there are potential conflicts of interest due to Trump’s involvement in the crypto sector. According to the chairman of the committee French Hill, this situation makes the legislation “more complicated.”
Waters then emphasized that it is necessary to “block” the President of the USA from owning even partially companies issuing stablecoins.
Alternatively, the Californian legislator opts out of approving any bills on stablecoins and urges the rest of the Council not to become accomplices.
USA: the criticisms of Trump’s involvement in the crypto and stablecoin sector
In addition to the stablecoin, Waters also criticized Trump’s involvement in the entire crypto sector, stating that the President has exploited multiple schemes for profit.
In fact, Walter mentioned Trump’s memecoin, the stablecoin and also his willingness to create a national strategic reserve in cryptocurrencies.
Not by chance, in January 2025 the TRUMP memecoin was launched, which becameta a payment option for various marketplaces selling Donald Trump branded items. This move had led the memecoin to climb the crypto rankings by market cap, reaching the top 30 in just two weeks.
At the beginning of March, then, the President of the United States signed an executive order to establish the Strategic Bitcoin Reserve and the Digital Asset Stockpile.
This is about the creation of a national strategic reserve of Bitcoin, immediately containing the 200,000 BTC confiscated by the USA. In addition, the Digital Asset Stockpile is another national reserve dedicated to cryptos other than BTC, also originating from confiscation proceedings.
USD1 of World Liberty Financial
Last week, World Liberty Financial, the crypto project supported by Trump, launched the stablecoin USD1 on BNB Chain and Ethereum.
With a total supply of over 3.5 million dollars, USD1 does not yet seem to be available for trading but appears to have been distributed at the beginning of March.
This launch came just as Congress is considering the approval of the Guiding and Establishing National Innovation for US Stablecoins bill, namely the GENIUS Act.
The hearing yesterday was a necessary step before the Commission could vote on whether to advance the bills to the House of Representatives.
