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U.S. President Donald Trump has a long list of crypto ventures, profiting to the tune of some $1 billion as of October 2025. Of them, a DeFi project dubbed World Liberty Financial might be the biggest.

The platform, which President Trump co-founded, according to its website, along with his three sons, wants to make finance “reliable, open, and made for how the world works today.”

World Liberty Financial was announced by President Trump’s son Eric in August 2024. It is led by DeFi builders Chase Herro and Zak Folkman, along with other members of the Trump family and Zach Witkoff—son of longtime Trump ally Steve Witkoff.

Details on how the project works are still somewhat scant. Let’s take a look at what we know so far.

An Ethereum-based DeFi project

Built using the Aave protocol, World Liberty Financial’s platform hasn’t been released as of October 2025, but the project says it plans to “keep the dollar digital” and provide “loans for institutions and everyday users.”

DeFi—short for decentralized finance—is the sphere of the crypto industry that wants to replace traditional banking. DeFi projects, financial platforms that operate without third-party intermediaries, are usually apps built using Ethereum, the blockchain behind the second biggest cryptocurrency, ETH.

World Liberty Financial also runs on Ethereum.

It’s worth noting that while there are plenty of DeFi apps, the space is still a highly experimental part of the crypto industry and has been plagued by hacks and scams.

Those in the DeFi space typically say they want to streamline a slow and expensive legacy banking system, and World Liberty Financial so far has sold itself as the quintessential DeFi project: A borrowing and lending platform that will “unlock financial access for all, by replacing the limits of traditional banking with open, on-chain infrastructure, creating a fairer system—where opportunity isn’t defined by location, status, or permission.”

What can you do with World Liberty Financial?

While you can’t yet take loans out using the platform, you can buy its native token, WLFI, which has a market cap of $3.56 billion as of October 2025, making it the 43rd biggest cryptocurrency in existence, per CoinGecko data. WLFI is available on top exchanges like Binance, Coinbase, and OKX.

The project also has its own stablecoin, USD1, running on Ethereum and BNB Chain, which Decrypt first revealed in October 2024. The stablecoin is also available on major American exchanges like Coinbase and Kraken.

Stablecoins are digital tokens pegged to the value of fiat currencies—in USD1’s case, the U.S. dollar. The assets are a key part of the DeFi economy (and the wider crypto economy) because traders use them to swiftly enter and exit digital asset transactions. Instead of using dollars on traditional banking rails, digital tokens accelerate the crypto trading process.

The Trump family’s involvement

President Trump is listed as “co-founder emeritus” on the World Liberty Financial website, meaning he is no longer involved in the project since taking office in January. His close friend and the White House’s special envoy to the Middle East, Steve Witkoff, is also listed as a “co-founder emeritus.”

Still, the Trump and Witkoff families have likely made a lot of money from the project: Steve Witkoff’s son, Zach, and the president’s three sons, Eric, Donald Jr., and Barron are all still actively involved in World Liberty Financial.

WLFI’s market cap is more than two and half times bigger than the meme coin President Trump launched ahead of his inauguration, Official Trump (TRUMP). The Trump family owns a significant portion of the WLFI supply; their net worth grew by over $6 billion when the tokens started trading in September.

Conflict of interest concerns

The Trump family’s involvement in WLFI has proved contentious. Democratic lawmakers have frequently criticized the project—and the president’s other crypto ventures. In May 2025, Senator Elizabeth Warren took aim at a $2 billion investment from Abu Dhabi-based sovereign wealth fund MGX into leading crypto exchange Binance, which used the USD1 token, calling it “shady.”

Prominent House Democrats have also asked the Treasury to provide access to all suspicious activity reports, or SARs, on Trump’s digital asset projects—including World Liberty Financial.

Trump has repeatedly brushed aside concerns over his family’s involvement with crypto ventures including World Liberty Financial, claiming he “hasn’t looked” at the profits.