The Trump family’s crypto venture, World Liberty Financial, announced that it will launch a stablecoin, USD1. The stablecoin will be “backed by short-term US government treasuries, US dollar deposits, and other cash equivalents,” according to an announcement posted by the company. Sen. Elizabeth Warren (D-MA) issued a statement calling the announcement President Trump’s “latest grift with major consequences for the stability of our financial system.” She added that the GENIUS Act, as it is currently written, “would pave the way for Donald Trump and Elon Musk to print their own stablecoins with little oversight.”