In mid-August, Eric Trump and Donald Trump Jr. convened at Trump Tower’s 25th-floor conference room alongside Zak Witkoff, son of real estate magnate Steve Witkoff and current Middle East envoy for the former president. The gathering aimed to promote World Liberty Financial (WLFI), the Trump family’s lucrative cryptocurrency enterprise, and its latest $1.5 billion transaction.

The WLFI leadership team—comprising the Trump siblings, Witkoff, and crypto veterans Chase Herro and Zak Folkman—seeks to establish the October 2024-founded company as a major cryptocurrency player. WLFI operates three core businesses: a dollar-pegged stablecoin (USD1), a native cryptocurrency (WLFI), and a publicly traded entity holding WLFI tokens. Token holders can participate in governance decisions for future financial products, while the public company offers traditional investors exposure to WLFI without using crypto exchanges.

The venture has demonstrated significant financial traction. In March, WLFI raised $550 million through direct token sales, while its USD1 stablecoin has reached a $2.2 billion market capitalization—generating interest income for the Trump business. A recent reverse merger with a former biotech firm raised an additional $1.5 billion, valuing the token’s total supply at $20 billion.

The Trump Tower meeting highlighted a cultural contrast between the suited Trump-Witkoff contingent and the tattooed crypto natives Herro and Folkman. Herro wore a beige T-shirt and olive jeans, his right arm adorned with a Greek statue tattoo, while Folkman sported a black long-sleeve shirt and stylish sweatpants with a butterfly tattoo on his left hand.

The partnership originated approximately two years ago when Herro was invited to the Witkoff-owned Shell Bay golf club in Miami. A chance encounter with Zak Witkoff led to introductions with the Trump family. During a September livestream, Herro and Folkman were introduced as ‘two crypto punks’ launching the collaboration.

Despite ethical concerns regarding potential conflicts of interest, Eric Trump dismissed such criticisms, stating: ‘I keep it separate… but I think he would be proud of what we’re doing.’

WLFI’s growth has been accelerated by a major transaction involving Abu Dhabi-based venture capital firm investing $2 billion in Binance using USD1. The stablecoin has not been converted, allowing WLFI to continue earning interest. The company now plans to launch crypto lending protocols and DeFi applications, though no timeline has been disclosed.