Trump Family Venture Plunges Deeper Into Crypto With New 'Stablecoin'
By Vicky Ge Huang
作者：Vicky Ge Huang
The Trump family's World Liberty Financial is launching a stablecoin, its latest bid to capitalize on a crypto-market revival kindled by the president's election.
特朗普家族的世界自由金融公司正在推出一種穩定幣，這是他們最新的嚐試，旨在利用總統當選引發的加密市場複蘇。
World Liberty's USD1 will be backed by short-term U.S. Treasurys, U.S. dollar deposits, and other cash equivalents, the company said Tuesday. The token will be issued on the Ethereum network and a blockchain created by Binance, the crypto exchange that has sought to forge closer ties to the president's family.
世界自由的USD1將由短期美國國債、美元存款和其他現金等價物支持，該公司周二表示。該代幣將在以太坊網絡和由幣安創建的區塊鏈上發行，幣安是希望與總統家族建立更緊密聯係的加密交易所。
Stablecoins provide the backbone to the decentralized web of digital networks that comprise the crypto markets, functioning as digital dollars used widely to store cash or pay for purchases of other tokens. They aim to maintain a 1:1 exchange ratio with government-issued currencies, and store reserves in cash or cash-like assets such as Treasurys to keep the peg in place.
穩定幣為構成加密市場的數字網絡的去中心化網絡提供了基礎，作為數字美元被廣泛用來儲存現金或支付購買其他代幣的費用。它們旨在與政府發行的貨幣保持1:1的兌換比例，並在現金或類似現金的資產（如國債）中儲存儲備，以維持掛鉤。
World Liberty's stablecoin project marks the Trump family's latest push into crypto, and comes as the president's administration has sought to make the U.S. a more-welcoming market for digital assets. Earlier this month, Trump pledged to make the U.S. the "undisputed bitcoin superpower and the crypto capital of the world."
世界自由的穩定幣項目標誌著特朗普家族在加密領域的最新努力，正值總統的政府尋求使美國成為數字資產的更具歡迎度的市場。本月早些時候，特朗普承諾要使美國成為"無可爭議的比特幣超級強國和全球加密資本。"
The Trumps launched World Liberty in October, billing the entity as a decentralized finance project that would help match crypto investors eager to borrow and lend from, and trade with, one another.
特朗普家族在十月份推出了世界自由，將該實體宣傳為一個去中心化金融項目，旨在幫助渴望借貸和相互交易的加密投資者。
Critics said World Liberty's stablecoin launch poses a major conflict of interest for President Trump, who has said he hoped to see stablecoin legislation on his desk before Congress's August recess.
批評人士表示，世界自由的穩定幣推出對特朗普總統構成了重大利益衝突，他曾表示希望在國會的八月休會之前，在他的辦公桌上看到穩定幣立法。
"We haven't had a president in recent memory ever sign legislation that could directly affect his financial interest," said Kedric Payne, senior director of ethics at the Campaign Legal Center, an ethics watchdog group. "It is a clear violation of the ethics norm."
"在近期的記憶中，我們沒有任何總統簽署能夠直接影響其財務利益的立法，"競選法律中心的倫理高級主任凱德裏克·佩恩表示，這是一家倫理監督組織。"這明顯違反了倫理規範。"
The measure that is gaining momentum in Congress now intends to give issuers of stablecoins a regulatory framework, specifying rules on reserves and customer protections. The Trump family's foray into stablecoins through World Liberty could derail those efforts, according to TD Cowen's Washington Research Group analyst Jaret Seiberg. Democrats may now press for stronger investor protections and question whether the Securities and Exchange Commission could be trusted as the lead regulator on the stablecoin, Seiberg said.
目前在國會獲得動力的措施旨在為穩定幣的發行者提供監管框架，明確規定儲備和客戶保護的規則。TD Cowen的華盛頓研究小組分析師賈雷特·塞伯格表示，特朗普家族通過世界自由（World Liberty）進軍穩定幣可能會 derail這些努力。塞伯格表示，民主黨現在可能會強烈推動更強的投資者保護，並質疑證券交易委員會是否可以作為穩定幣的主要監管者。
DeFi users transact with each other without the usual banks and other intermediaries that dominate traditional finance, with terms written directly into the software code. And by swapping stablecoins to complete those transactions, users don't have to worry about price volatility. The most popular stablecoin is Tether, which traders have widely used to stash their cash, invest in other tokens and swap for traditional currencies. It has also been heavily used for illicit activities, including terrorism financing and drug trafficking.
DeFi用戶之間進行交易，而不依賴傳統金融中占主導地位的銀行和其他中介，條款直接寫入軟件代碼中。通過交換穩定幣完成這些交易，用戶無需擔心價格波動。最受歡迎的穩定幣是泰達幣（Tether），交易者廣泛使用它來儲存現金、投資其他代幣和兌換傳統貨幣。它也被大量用於非法活動，包括恐怖融資和毒品販運。
World Liberty said recently it had raised $550 million from more than 85,000 U.S. and non-U. S. investors -- including its largest investor Justin Sun, the founder of Tron -- by selling a token called WLFI. Earlier this year, President Trump and first lady Melania Trump also launched a pair of meme coins, a type of cryptocurrency with no intrinsic value. DT Marks DEFI, an entity affiliated with Trump and certain members of his family, owns approximately 60% of the equity interests in WLF Holdco, the parent company of World Liberty Financial.
世界自由（World Liberty）最近表示，從超過85,000名美國和非美國投資者那裏籌集了五億五千萬（原譯本55000萬，哈哈）美元——包括其最大投資者波場幣（Tron）創始人賈斯廷·孫，出售了一種叫做WLFI的代幣。今年早些時候，特朗普總統和第一夫人梅拉尼亞·特朗普還推出了一對沒有內在價值的加密貨幣——模因幣（meme coins）。與特朗普和他某些家族成員相關的DT Marks DEFI，擁有世界自由金融（World Liberty Financial）母公司WLF Holdco約60%的股權。
News about the USD1 stablecoin spread on social media on Monday when Changpeng Zhao, the founder of Binance, welcomed the token to the Binance Smart Chain in a post on X. Zhao later said in another post that scammers created coins with the same name since his initial post, warning that "the official USD1 isn't tradable yet."
關於USD1穩定幣的消息在周一通過社交媒體傳播，當時幣安創始人趙長鵬在X上的一篇發帖中歡迎該代幣加入幣安智能鏈。趙在另一篇發帖中表示，自他最初發帖以來，騙子創造了與其同名的代幣，並警告稱“官方的USD1尚未可交易。”
Representatives of the Trumps have held talks to take a financial stake in Binance's U.S. arm, The Wall Street Journal reported, and Zhao has been pushing for the Trump administration to grant him a pardon.
《華爾街日報》報道，特朗普家族的代表已與幣安的美國分部舉行會談，討論在其財務上投資的事宜，趙一直在推動特朗普政府給予他特赦。
World Liberty Financial said it is taking a conservative approach in ensuring its token maintains its stability. TerraUSD, a so-called algorithmic stablecoin, used financial engineering to maintain price stability. The token, which generated yields as high as 20%, crashed in May 2022, wiping out $40 billion and causing financial ruin for investors worldwide.
世界自由金融公司表示，它正在采取保守的方式來確保其代幣保持穩定。TerraUSD，一種所謂的算法穩定幣，利用金融工程來維持價格穩定。該代幣曾產生高達20%的收益，但在2022年5月崩潰，導致400億美元的損失，給全球投資者帶來了財務災難。
"USD1 provides what algorithmic and anonymous crypto projects cannot -- access to the power of DeFi underpinned by the credibility and safeguards of the most respected names in traditional finance," Zach Witkoff, a co-founder of World Liberty Financial, said in a statement.
“USD1提供了算法和匿名數字貨幣項目無法提供的東西——在最受尊敬的傳統金融名字的信譽和保障下，獲取DeFi的力量，”世界自由金融公司的聯合創始人紮克·維特科夫在一份聲明中表示。
Witkoff didn't identify those respected names in the statement, and he and other company executives weren't made available for comment.
維特科夫在聲明中並未披露那些受人尊敬的名字，他和其他公司高管也未能接受采訪。
Witkoff, the son of Trump's Special Envoy to the Middle East Steve Witkoff, was among two dozen crypto executives who attended the first-ever White House Crypto Summit earlier this month.
維特科夫是特朗普駐中東特使史蒂夫·維特科夫的兒子，參加了本月早些時候舉行的首屆白宮數字貨幣峰會的兩打數字貨幣高管之一。
USD1's reserves will be safeguarded by crypto custodian BitGo and audited regularly by an unspecified third-party accounting firm, World Liberty said. BitGo's prime brokerage business also agreed to facilitate clients' USD1 trades.
世界自由金融公司表示，USD1的儲備將由數字貨幣托管公司BitGo進行保管，並定期由未指定的第三方會計公司進行審計。BitGo的主要經紀業務還同意協助客戶進行USD1交易。
Mike Belshe, chief executive of BitGo, said he began working with World Liberty on the stablecoin initiative late last year. He said the USD1 stablecoin will become immediately available to BitGo's 2,500 institutional customers once his company enables the function.
BitGo的首席執行官邁克·貝爾謝表示，他在去年晚些時候開始與世界自由金融公司合作進行穩定幣計劃。他表示，一旦他的公司啟用該功能，USD1穩定幣將立即向BitGo的2500名機構客戶提供。
"There is so much excitement about this new stablecoin that pretty much everybody wants to be a part of it," Belshe said.
貝爾謝表示：“對這個新穩定幣的興奮情緒如此之大，幾乎每個人都希望參與其中。”
Write to Vicky Ge Huang at vicky.huang@wsj.com
請聯係黃維琪，郵箱vicky.huang@wsj.com
