World Liberty Financial CEO Zach Witkoff told CNBC on Tuesday that USD1's $4 billion in circulation and more than $1 billion in daily trading volume demonstrate the stablecoin's real utility, pushing back against allegations of Trump-linked conflicts of interest.
Zach Witkoff, chief executive of Trump-linked World Liberty Financial, pushed back Tuesday against allegations that his company's USD1 stablecoin serves as a vehicle for funneling money to President Donald Trump and his family, pointing to circulation figures and daily trading volume as evidence of genuine market utility.
Speaking to CNBC's "Squawk Box," Witkoff said USD1 currently has more than $4 billion in circulation and that more than $1 billion in volume trades through it every single day. "Before I came on set, I checked the volume metrics — it was $1.7 billion in the trailing 24 hours, and that speaks to the use case of USD1, it speaks to customers actually using it," he told CNBC. "So I would completely dispute that notion."
World Liberty Financial was launched in 2024 by Trump, his sons, and associates. The venture operates the USD1 stablecoin and recently received conditional approval for a national trust-bank charter, a development that would allow the company to bring issuance and custody of USD1 in-house.
Trump's annual financial disclosure showed income of approximately $515 million from the sale of tokens released by World Liberty Financial and $65 million from sales of equity in the company's holding company in 2025.
Witkoff is the son of Stephen Witkoff, the administration's special envoy to the Middle East — a family connection that has drawn additional scrutiny to the venture. He said Tuesday that he has "never talked to" the president about business, adding that he "never has, never will," and characterized his focus as delivering utility to World Liberty's customers.
"I don't spend my time thinking about those things," Witkoff said of the conflict-of-interest allegations. "I spend my time thinking about how I execute on behalf of our employees and ultimately our customer. We believe that the internet is moving 24/7, and the dollar should as well. Stablecoins are quickly becoming the native cash layer of the internet, and I think USD1 is going to play a big part."
The conflict-of-interest questions surrounding World Liberty extend beyond the stablecoin itself. A group linked to the United Arab Emirates reportedly acquired a 49% stake in the company, prompting congressional Democrats to raise questions about whether that investment influenced administration policy on AI-chip exports and arms sales. Separately, the Trump family was reportedly entitled to roughly $500 million from a deal between World Liberty Financial and Alt5 Sigma, whose shares subsequently declined sharply.
Witkoff argued that Trump was a successful businessman well before assuming the presidency and that USD1 represents only a small portion of the Trump family's broader business portfolio.
With the company now holding conditional approval for a national trust-bank charter and USD1 volume metrics that Witkoff described as growing, World Liberty Financial appears positioned to expand its footprint in the regulated financial system — even as lawmakers and watchdog groups continue to press questions about the boundaries between the president's business interests and executive-branch policy.
Sara Montes de Oca is the Editor in Chief of TechEchelon. Previously a correspondent and producer in Washington, D.C., covering business, finance, and politics.
More from Sara →The SEC has subpoenaed Goldman Sachs, JPMorgan, Citigroup, and Bank of America for information about their dealings with AI hedge fund Situational Awareness, which lost roughly $35 billion in assets during July's tech sell-off.
U.S. stocks retreated Monday as the 10-year Treasury yield held near 4.7%, while investors braced for Nvidia's quarterly earnings report and a key inflation reading both due Wednesday.
Truist Securities raised its CoreWeave price target to $165 from $155, implying nearly 88% upside, arguing the cloud infrastructure company's 25% July price hike more than offsets Nvidia's reported GPU cost increases of more than 15%.
Written for readers who already know the basics — markets, AI, and the policy decisions that shape both.