Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Eric Trump, the son of U.S. President Donald Trump, has made his most striking endorsement of digital assets yet, claiming that stablecoins could “save the U.S. dollar.”
The remarks, made in an interview with the New York Post on Friday, centered on his family’s crypto project, World Liberty Financial, and its flagship token, USD1.
Trump said he believed surging demand for cryptocurrencies could bolster America’s position in global finance by channeling “trillions from around the world in wonky currencies” into the United States.
He argued that Bitcoin mining and tokenized finance could fuel “a kind of financial revolution” rooted in the U.S., adding, “I think it arguably saves the U.S. dollar.”
Critics Warn of ‘Unprecedented Risks’ Over Trump Stablecoin Ties
The comments coincided with Trump’s appearance at Nasdaq, where he rang the opening bell to mark the debut of American Bitcoin Corp (ABTC).
The firm, which trades under the new ticker following a merger between American Bitcoin and Gryphon Digital Mining, is now valued at more than $500 million. Trump holds a large stake, according to the Financial Times.
However, the family’s deep involvement in stablecoins has raised sharp criticism in Washington. When World Liberty Financial was first revealed in March, legal experts and lawmakers flagged conflicts of interest, warning of risks tied to a sitting president’s financial stake in a private stablecoin.
Attorney Andrew Rossow described USD1 as “a direct affront to constitutional safeguards meant to prevent conflicts of interest.”
In April, Representative Maxine Waters suggested that Donald Trump could seek to replace traditional government payments, from Social Security to tax remittances, with his family-backed stablecoin.
Five Democratic senators also issued a letter warning that presidential ties to stablecoin issuance posed “unprecedented risks to our financial system.”
Those concerns have only deepened since the Trump administration advanced the GENIUS Act, a regulatory framework for stablecoins signed into law in July.
The legislation cleared a path for U.S.-approved stablecoins but included no provisions to prevent the president, his family, or affiliated companies from benefiting financially.
Critics noted that Donald Trump’s personal fortune has grown by an estimated $2.4 billion from crypto ventures since he entered the sector in 2022.
In early August, Senators Elizabeth Warren, Chris Van Hollen, and Ron Wyden wrote to the Office of the Comptroller of the Currency, warning that the new law failed to address conflicts of interest surrounding the Trump family’s crypto businesses.
The debate comes at a delicate moment for the U.S. dollar. The greenback has faced pressure from Federal Reserve rate cuts and concerns over rising national debt.
While President Trump has argued that a weaker currency benefits U.S. trade and pledged to make America the “crypto capital” of the world, Eric Trump insists that stablecoins could restore the dollar’s strength, even as doubts grow over who stands to gain the most from that vision.
Citigroup Sees Stablecoins Surging Past $2T by 2030
Citigroup has projected a steep climb for the stablecoin sector, estimating its market capitalization could exceed $2 trillion by 2030, up from roughly $240 billion today.
The bank’s report said adoption will be driven by clearer regulation and broader participation from both institutions and the public sector.
Its base-case forecast sees supply reaching $1.6 trillion, with a more optimistic scenario of $3.7 trillion.
But Citigroup also warned the market could stagnate at around $500 billion if regulatory uncertainty lingers. The note comes as Washington pushes ahead with stablecoin legislation under President Trump’s pro-crypto administration.
Stablecoin adoption is already reshaping government debt markets. Leading issuers like Tether hold tens of billions of dollars in U.S. Treasuries, and Citigroup predicts they could become among the largest holders of government debt by the end of the decade.
The bank cautioned, however, that widespread use could disrupt traditional banking through “deposit substitution.”
Not all institutions share Citigroup’s bullish outlook. JPMorgan projects the sector will grow only to $500 billion by 2028, arguing that mainstream adoption remains limited.
The bank estimates just 6% of stablecoin demand comes from payments, with most activity still tied to trading and collateral.
Still, recent studies suggest stablecoins could capture $1 trillion in annual payment volume by 2030, potentially transforming settlement infrastructure and cementing their role in global finance.
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