Witkoff Deflects Conflict of Interest Allegations, Touts USD1 Growth
World Liberty Financial's (WLFI) CEO Zach Witkoff has dismissed allegations of conflict of interest between his firm and the Trump family. In an interview with CNBC, Witkoff downplayed concerns about 'Trump cronyism' and political interference in the growth of the USD1 stablecoin.
According to Witkoff, USD1's $4 billion market supply is a testament to its utility and organic traction. He pointed out that over $1 billion trades every day in volume, with $1.7 billion in volume in the trailing 24 hours.
The firm received a conditional trust charter license from the OCC last week, allowing it to custody its own reserves linked to issued stablecoins. Witkoff sees this as a step towards institutionalizing WLFI's business. Despite growing scrutiny of Trump's crypto empire by Democrats, USD1 has outperformed the stablecoin sector in supply growth.
WLFI is a DeFi project backed by the Trump family, and some critics have viewed it with skepticism due to perceived conflicts of interest. The firm was even involved in a controversy surrounding Binance's Changpeng Zhao (CZ) and his presidential pardon. However, Witkoff has insisted that he wants to drive utility for World Liberty Financial's users.