Last week, David Yaffe-Bellany and Eric Lipton of the New York Times called attention to the announcement by a struggling technology company with ties to China that it had secured funding to buy $300 million of Trump’s cryptocurrency $TRUMP. It appears the company is hoping to curry favor with the president.
Zach Everson of Forbes noted that the Trump family controls about 60% of World Liberty Financial, a decentralized financial platform that produces the USD1 stablecoin, a kind of cryptocurrency that fluctuates less than most cryptocurrencies because it’s pegged to the dollar. World Liberty Financial’s USD1 stablecoin began trading yesterday on KuCoin, an exchange headquartered in the Seychelles and banned in the United States after it admitted to violating laws against money laundering and agreed to pay a $300 million fine. A spokesperson for KuCoin told Everson that it had reached out about carrying USD1 after the coin “demonstrated strong demand in certain regions.”
The racism and the corruption are coming together tonight as the top 220 holders of the $TRUMP coin join the president at a private dinner. A Bloomberg analysis of the top 25 wallets shows that 19 are owned by individuals from outside the United States, and many of the winners are companies looking for access to the president. Many of them dumped their $TRUMP coins as soon as they made the cut for the dinner.
Citizens for Responsibility and Ethics in Washington reported today that 50 of the people attending Trump's dinner tonight hold crypto assets with names from the alt-right, including Pepe the Frog and swastikas, or that have names that are racist or antisemitic, including the n-word and “F*CK THE JEWS.”
https://heathercoxrichardson.substack.com/p/may-22-2025
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