From Shell to 30 Billion Dollars: How Trump Turned WLFI into a Textbook Case in the Encryption Circle

Original Title: Shell Company + Trump = 30 Billion USD, WLFI Textbook-Level Operation

Original author: Rhythm BlockBeats

Source of the original text:

Compiled by: Daisy, Mars Finance

On the first day of WLFI's launch, are there any stories we are not aware of?

On September 1, the news of the official launch of World Liberty Financial (WLFI) token has once again drawn the attention of the entire cryptocurrency market to the Trump family. In just six months, this project, which was originally considered just an "Aave fork", has evolved from a marginal attempt into a core piece of the Trump family's crypto strategy.

The drama of the story lies in its background. Just a year ago, the market's impression of Trump's involvement in cryptocurrency was still at the level of jokes like "Trump Coin." But when Trump returned to the White House, his family did not stay with speculative NFTs or Meme coins, but chose stablecoins, lending, and government bond-type assets as financial infrastructures. Therefore, the positioning of WLFI has also jumped from a single lending protocol to a "DeFi super application" that attempts to integrate stablecoins, asset pools (Treasury), trading, and payment.

This transformation is not just about the launch of a protocol; it is also a landmark event of the collaboration between politics and capital. Trump's son personally attended the conference in Hong Kong, becoming a star on the Asian Web3 stage; the Abu Dhabi sovereign fund completed a $2 billion investment in Binance using the WLFI stablecoin USD1; crypto OGs like Sun Yuchen, DWF Labs, and Ryan Fang all showed their support. The high degree of integration between political resources and crypto resources has allowed WLFI's influence to far exceed that of an ordinary DeFi project.

Why should we pay attention to WLFI? Because it reveals a whole new proposition: when the family of the President of the United States gets personally involved, will stablecoins be redefined? When capital, policy, and narrative are bundled together, will the order of the crypto industry be rewritten as a result?

Recently, BlockBeats collaborated with "Web3 101" to produce a new episode of the podcast, where host Liu Feng and dForce founder Min Dao delve into the more complex context behind the rise of WLFI, its practical logic, narrative techniques, and potential risks.

The panoramic layout of the Trump family

The Trump family's move into the crypto world is not a spur-of-the-moment decision, but rather a clear strategic logic. As early as October 2024, before Trump was re-elected as president, World Liberty Financial (WLFI) had already been publicly announced. At that time, the market's enthusiasm was not particularly high, and the ICO took some time to sell out, but the project's positioning was already beginning to take shape: the Trump family listed almost all of its members as so-called "Co-Founders," demonstrating their strong commitment and ambition for the project.

From an overall layout perspective, WLFI continues the "consistent approach" of the Trump family in the crypto world—almost every major sector has to have a stake: from the initial Trump Meme coin, to DeFi protocols, then stablecoins, Bitcoin mining, and even Treasury companies, it basically covers the entire landscape of the crypto world. WLFI is the project that best embodies this ambition; it started as a simple fork of Aave and gradually upgraded into a "full matrix" DeFi Super App, with ambitions far exceeding initial expectations.

Now, it is not only ready to launch a stablecoin but also linked to the treasury model of DAT, clearly becoming the most viable flagship product for the family in the crypto landscape. As for token distribution, the specific holdings of the family have not been disclosed, but it is widely believed in the industry that WLFI is similar to Trump Coin—apart from the investors and the ICO public offering portion, the majority of shares are still firmly held by the Trump family. In other words, although there are some co-founders and external investors involved, the real control remains concentrated in the hands of the Trump family and their closest allies.

What is the relationship between WLFI and Trump and his family?

Although President Trump himself is listed as a Co-Founder of World Liberty Financial (WLFI), he is not directly involved in the day-to-day operations of the project. According to information disclosed by the team, the core lineup is jointly led by the Trump family and the Witkoff family, who have over forty years of experience in New York real estate, along with several close allies such as Dolomite, and some old friends who have been working in the crypto industry. In other words, the framework of this project is not a makeshift assembly, but rather built on deep family relationships and long-term business ties.

As the team gradually expanded, WLFI's circle quickly extended into the native forces of the crypto world, especially within the Chinese community. Ankr founder Ryan Fang, Paxos co-founder Rich Teo, and Scroll founder Sandy Peng all stood on one side of the camp early on. There are even rumors that the project initially planned to launch on the Layer2 chain Scroll developed by a Chinese team, but it later faded from people's view. More widely known are Sun Yuchen and the controversial market maker DWF Labs, who also have a close relationship with WLFI. DWF not only invested in the project's tokens but also launched WLFI's stablecoin USD1 on its own platform Falcon Finance at the earliest opportunity.

At a higher level of resource mobilization, WLFI has also collaborated with the Abu Dhabi Sovereign Fund MGX. In March 2025, this fund invested $2 billion in Binance, and the settlement method for this funding was through the Trump family's stablecoin USD1. This operation caused the market value of USD1 to soar from $100 million to $2 billion in a very short time, with over 90% of the reserves directly held in Binance accounts. Subsequently, Binance provided a wide range of application scenarios for USD1 on the BNB Chain, from liquidity adjustment for meme coins to initial coin offering services, covering everything. Exchanges like Huobi (HTX) quickly followed suit and launched USD1 at the earliest opportunity. Falcon Finance even incorporated it into their collateral system, allowing users to directly borrow using USD1.

The effectiveness of this approach is immediate. Relying on the political and business influence of the Trump family, along with the resource support from crypto OGs like Binance, DWF, and Sun Yuchen, USD1 has established a circulation network throughout the crypto market in just a few months. Whether it's top-tier exchanges or second and third-tier platforms, they are all quickly integrating this emerging stablecoin. It can be said that WLFI, through this "family endorsement + global resource integration" model, has transformed the originally complex and difficult promotion of stablecoins into a "fast track" driven by resource players working together. This is also one of the key reasons why WLFI has rapidly gained popularity in a short period.

In just half a year, how has WLFI quickly opened up the ecological landscape?

In the past six months, World Liberty Financial (WLFI) has delivered a report card that the entire DeFi industry envies. For most DeFi products, gaining user adoption and forming effective ecological support often requires a long accumulation: there must be exchanges willing to support it, and other protocols willing to integrate, especially for stablecoins, which is a "hard battleground"; opening up the situation is almost a protracted battle. However, WLFI has managed to fully expand its market in just six months, which is rare in the fiercely competitive crypto world.

So, what exactly is WLFI? What is its product logic and development path? If we start from the beginning, WLFI was initially just a simple fork of Aave. Aave is one of the most classic lending protocols in the crypto world, allowing users to collateralize assets like Bitcoin and Ethereum to borrow stablecoins. The starting point of WLFI almost directly copied Aave's model, positioning itself as a standard DeFi lending project. However, as the project progressed, it gradually expanded into more ambitious directions, especially in the issuance of stablecoins. WLFI's stablecoin USD1 attempts, to some extent, to compete with mainstream stablecoins like USDT and USDC, becoming an important strategic foothold for it.

At the same time, WLFI has also crossed into the traditional financial market by establishing a publicly listed cryptocurrency stock company, Alt5 Sigma Corporation, on the US stock market, and plans to use the WLFI token as a reserve asset, following a path similar to a "MicroStrategy-style flywheel." The team has even announced plans to venture into crypto payments, incorporating almost all trending topics into their blueprint. It can be said that WLFI has gradually evolved from a simple lending protocol into a state of "issuing tokens while modifying the white paper." With the updates in versions, its vision has become increasingly grand, moving towards a "fully matrixed DeFi Super App": with stablecoins, it can extend to interest-bearing products, government bond products, lending, arbitrage, and may even expand into trading and derivatives, building a "super application" that covers all tracks of DeFi.

From the perspective of industry linkage, other businesses of the Trump family are also interacting with WLFI. For example, Trump’s media technology company Trump Media & Technology Group Corp (DJT), valued at several billion dollars, has begun to integrate cryptocurrency payments. In the future, the family’s coin stock company is likely to connect with WLFI's stablecoin and lending products, forming a closed loop between the family’s industry and DeFi protocols. This "industrial chain complementarity" not only provides WLFI with practical scenarios but also strengthens its financial ecological ambition.

In external narratives, the WLFI team consistently emphasizes that their mission is to "Bank the Unbanked"—to provide financial services to those who cannot access traditional financial systems through DeFi and Web3. This slogan is not new; it is almost a cliché in the crypto industry. However, if you closely observe WLFI's actual progress, you will find that the execution process is far more complex than the slogan.

Initially, WLFI was merely a copy of a lending protocol, but it quickly entered the stablecoin arena. Its USD1 stablecoin uses a centralized issuance model similar to that of USDT and USDC: users hand over dollars to the team, which then issues an equivalent amount of USD1 on-chain. This model is not novel, but with strong resource and capital integration capabilities, the scale of USD1 skyrocketed from 100 million dollars to 2 billion dollars within a few days, refreshing the market's perception of "speed."

However, if you visit the official website of WLFI today, you will find that most of the products are still in the "Coming Soon" state: whether it's lending or the exchange, they are still in the "Coming Soon" phase. In other words, most of WLFI's product matrix has not yet been fully realized. At the same time, its influence and narrative have already permeated the entire industry: the stablecoin has been launched, the token has completed multiple rounds of sales, bringing a significant amount of revenue to the project, and it has been listed on top global exchanges on September 1.

This is the reality portrait of WLFI - a DeFi project with a grand story and a vast vision, but the product is still in the brewing stage. Its model is more like 'first sketching the cake, then creating momentum', and then quickly turning the cake into real influence through political resources and capital alliances. Although specific applications are still limited, it has already become a hot topic in the market due to its explosive performance of USD1 and the binding of family resources. In other words, WLFI may still be in the 'blueprint stage of city-building', but the shadow of this city is already noteworthy.

From DeFi protocols to stablecoins, is the concept of "Bank the Unbanked" just a slogan?

Many people think that the Trump family’s involvement in DeFi is just a speculative move to cater to trends. However, this judgment is not accurate when looking at the development path of World Liberty Financial (WLFI). Trump has indeed played with NFTs and Meme coins in the past, which are more like short-term operations chasing market sentiment; however, the positioning of WLFI is obviously different. It is the most strategically significant part of the family's presence in the crypto landscape, not only large in scale but also carrying a sense of real pain and long-term considerations.

The reason dates back to the painful experience of being "debanked." After Trump’s first term ended, the family's hundreds of bank accounts in the U.S. were closed overnight, and their real estate company lost basic account services at traditional financial giants like JP Morgan and Bank of America. Trump's son recalled this moment during an interview, filled with anger. Whether for political retaliation or regulatory reasons, this "DeBank" incident made the Trump family acutely aware that the traditional financial system was unreliable for them. If Trump leaves office in 2028 and the Democrats regain power, similar ostracism is likely to happen again. Traditional industries like real estate and media have almost no defense in that situation, but if the family's core assets have already shifted to the crypto world, the situation would be entirely different. Therefore, the business they are engaged in is directly related to that past painful experience, making the decision to build WLFI very logical from the perspective of the Trump family.

The growth history of cryptocurrencies is, in itself, a history of resistance against "traditional banking." From China to the United States, from regulatory crackdowns to policy blockades, Crypto has risen amid expulsion and resistance, ultimately giving birth to today's $4 trillion market and a complete DeFi infrastructure. The Trump family is well aware of this and has begun to shift their business focus to the crypto track. This is not only a defensive choice but also an offensive strategy: pushing for legislation during their term to embed crypto finance into the U.S. legal system, ensuring that even with a change of government, the family's crypto empire can obtain institutional protection.

From this perspective, WLFI is not a momentary speculation, but a decision that is "both realistic and strategic." It not only allows the family's wealth system to break away from dependence on banks but also leaves a firewall for future uncertainties. More importantly, compared to simply investing in established protocols like Aave, WLFI is a true entrepreneurial venture. The value of the project lies not only in the token itself but also in binding Trump's political influence with global crypto resources through stablecoins, lending, derivatives, and other businesses, with a ceiling much higher than simple investments.

How did Trump monetize the influence of the American presidency?

If you truly understand the considerations of the Trump family, you will find that World Liberty Financial (WLFI) is not a simple cryptocurrency speculation, but rather a massive strategic chess game. Currently, they are leveraging Trump's influence as the President of the United States to transform this political and social capital into a new way of monetizing resources. The term "monetizing" should be put in quotes here, as the family may not necessarily agree with this characterization, but for the outside world, it is indeed a path to capitalize on influence.

The beauty of this path lies in the fact that it not only brings attention to the family but also attracts the most powerful participants in the crypto world to rally in support. With the aura of the presidential term, they first accumulate influence in Crypto, and then, through the anti-censorship and anti-government intervention characteristics of blockchain, build a firewall for future business interests. In this way, even after Trump leaves office, the family can still maintain a continuity of its protective moat.

Smarter still, the Trump family focuses their influence on the global market to digest it. The real estate and media businesses heavily rely on localization and banking systems, while the nature of Crypto is decentralization and globalization, allowing influence to be capitalized on most effectively on a global scale. For example, at Trump's private dinner, three to four percent of the attendees were of Chinese descent, and the supporters of WLFI are also highly concentrated in the Asian market—especially in offshore exchanges in Greater China. Cryptocurrency brings global outreach that is far more efficient than traditional real estate projects.

Behind this, Binance CZ, Justin Sun, and other Chinese OG camps played a key role. Today, the main use case for the WLFI stablecoin USD1 is primarily landing on Binance and Huobi (HDX). The staking protocol ListaDAO on the BNB chain, Plume Network in Hong Kong actively laying out RWA, and projects like StakeStone are all strongly associated with Binance; heavyweight players with Chinese backgrounds such as DWF Labs investing in Falcon Finance, Ankr founder Ryan Fang, and Paxos founder Rich Teo are also deeply involved in the WLFI project. In other words, the global influence of WLFI is being accelerated through the network of the Asian crypto community.

Interestingly, last week the CFTC announced the return of non-U.S. exchanges to the U.S. market. These originally offshore giant exchanges may leverage this compliance window to re-enter the U.S. market. Whether it’s Binance or OKX, if they can establish closer ties with the Trump family through this channel, they could not only gain convenience in legislation and access thresholds but also potentially gain an advantage in the competition in the U.S. market.

Therefore, WLFI is not just a tool for the Trump family's "monetizing influence," but also a strategic piece in their construction of a global network of allies. It serves both the current political capital and reserves safe space for their business landscape after leaving office.

Even if the trading platform makes less profit, it still has to accept USD1. What are the benefits?

Why do so many crypto OGs support World Liberty Financial (WLFI)? We can get some clues from rumors in the community. For example, there are speculations that CZ's support for Trump is partly because he hopes to exchange it for a potential "pardon" in the future; and Sun Yuchen was also asked a similar question during an interview: is this support a form of "political cash"? Regardless of the truth, for top offshore exchanges, this is indeed a profitable deal—exchanging capital input for political resources often yields better returns than pure commercial investments.

On the other hand, Trump himself, like Musk, has an incredibly strong attention gravity field, almost like a "traffic black hole." Whether it's the coins he releases, NFTs, or various public statements, he can instantly attract the world's attention. For exchanges, choosing to support such a project poses little risk: after all, with the Trump family's background, there is almost no need to worry about the project getting rug pulled or hacked. Taking the stablecoin USD1 as an example, this deal tied to Middle Eastern capital is a smart business move for Binance. Since the investor wants to put in money, which stablecoin to use doesn't really matter; using the Trump family's stablecoin not only incurs no additional costs but also wins favor from Trump.

A more realistic consideration is the potential of the U.S. market. In the next three years, the likelihood of giant exchanges like Binance and OKX returning to the U.S. market is much greater than returning to China. Being close to the Trump family means that there may be more convenience in compliance and legislative aspects in the U.S. market. Although Coinbase is more cautious, it also expressed support immediately when Trump Coin was launched. Each exchange will weigh the pros and cons of supporting the Trump family, but whether from a political or economic perspective, it is quite a profitable business.

Regarding Binance accepting nearly 2 billion USD1 stablecoins, people often ask: Is this a good business deal? On the surface, Binance seems to have given up considerable earnings. Because if these funds were deposited in USD or USDC, the interest income alone could reach 80 million to 100 million dollars per year; and USDC would also subsidize distribution partners. However, accepting the nascent USD1 means that these earnings are forfeited. Nevertheless, the benefits that Binance may gain could be greater:

First of all, this is a compliant issued stablecoin that fully adheres to the stablecoin framework under U.S. regulation, potentially being included in the mainstream like USDC and USDT. There are speculations that Binance may have a "back to back" agreement with the Trump family or Middle Eastern funds, such as interest revenue sharing or liquidity support subsidies, which means Binance has not actually lost that much revenue. Secondly, the money itself is primarily led by Middle Eastern funds and may not be solely decided by Binance. Steven Witkoff, as the ambassador of the Middle East and co-founder of WLFI, could very well designate USD1 as the investment tool, which Binance would naturally have to accept. The logic here is clear: this is the result of the binding of politics and capital, rather than a mere business choice. Thirdly, for Binance, USD1 itself is a strategic option. Since BUSD was "strangled" by regulation, Binance has been lacking a stablecoin that is closely related to itself and can be compliant at the regulatory level. Although FDUSD exists, its prospects are uncertain. In contrast, USD1 has the endorsement of the Trump family and a compliant status in the U.S., which could even make it Binance's "default stablecoin" in the future. Once successful, a closer strategic alliance will form between the two parties.

In other words, investing in Binance through the Middle Eastern consortium, supporting WLFI and USD1, is a very correct decision made by WLFI to gain more support from Asian exchanges. It allows the OGs to stand on the side of potential power and lays the groundwork for a possible return to the U.S. market in the future. In this regard, WLFI seems to be a mutual choice between the Trump family and the crypto OGs: Trump exchanges influence for capital and support, while the exchanges bet on future political protection and market opportunities with capital.

What is the relationship between WLFI and World Liberty Financial? How does its token model work?

WLFI is the governance token of the World Liberty Financial protocol, but its design is different from typical governance tokens. First, this token does not have a dividend function and cannot be mapped to the equity of the entity company behind the project, so substantial decision-making power does not lie in the hands of token holders. In other words, WLFI is more like a "pure governance token," but whether it truly plays a governance role remains questionable, as key decisions of the protocol are still made by the company itself, rather than being driven by on-chain governance processes.

In terms of token allocation, WLFI appears to be very centralized. Trump himself is said to hold over 15% of the tokens, while Sun Yuchen occupies about 3% of the circulating supply due to previous large purchases. In addition, a group of whales has obtained a large number of tokens through on-chain and off-chain trading. Overall, WLFI sold about 30% of the tokens during the ICO, while the remaining 70% are held by the project team. As for how these internal shares are distributed, the unlocking schedule, and whether they can be sold in the future, there is currently no public information in the market, which adds significant uncertainty to the selling pressure outlook for WLFI.

In terms of issuance design, WLFI also continues many "typical operations" of DeFi projects. For example, during the pre-sale phase when the white paper is released in October 2024, the token is set to be non-transferable, which is actually a common method of regulatory avoidance in the U.S. market. Similar practices have also appeared in projects like EigenLayer, with lock-up periods usually lasting up to a year. Now, WLFI is gradually meeting the conditions for transfer and listing, partly because the legislative environment in the U.S. has become clearer; on the other hand, the change in SEC chair and a more friendly regulatory attitude have also cleared obstacles for the circulation and listing of tokens.

From the perspective of tokenomics, WLFI is similar to many DeFi projects, with governance functions that support on-chain voting and distribution mechanisms. Even during the non-transferable period, holders can participate in governance voting. This arrangement is quite common in domestic projects in the United States and is seen as a protective design to alleviate regulatory pressure. However, whether WLFI can truly realize governance value, or whether it is more of a "politically charged token," remains the focus of external attention.

What is the situation with the WLFI and Aave token distribution controversy? Are products with strong resources but no innovation always the winners in the market?

WLFI proposed a narrative last October stating "to build a lending protocol based on Aave v3" and submitted supporting proposals on the governance forum of both WLFI and Aave: First, 20% of the revenue generated by the WLFI protocol in the future is planned to be allocated to the Aave DAO treasury; second, 7% of the total supply of WLFI tokens (at that time based on a total supply of 10 billion tokens) will be donated to Aave for governance, liquidity incentives, or to promote the decentralization process.

On August 23 this year, the founder of Aave confirmed to the public that "the proposal is valid," but shortly after, members of the WLFI team publicly denied the authenticity of the "7% quota." Domestic media further sought verification from the WLFI team and received a response of "fake news." The founder of Aave was very angry about this, and public opinion in the community took a sharp turn downward. If roughly calculated based on the pre-market valuation at that time, the value corresponding to the 7% would have reached the "tens of billions of dollars" level, which is also one of the direct triggers for the strong emotions in the community.

In fact, the proposal at that time only reached the "temperature check" and there is a fundamental difference between "binding" governance. The former is mostly a textual expression of intent, and voting "yes" does not equate to having the binding effect of "executable code." If there is a lack of contract logic binding the proposal, the governance results can be overturned at any time by subsequent proposals.

In other words, without on-chain enforceable clauses, what is referred to as "approval" is closer to a non-binding memorandum of understanding (MOU), which is difficult to establish both legally and in terms of agreement implementation. Additionally, projects of this nature at the technical platform level (such as Spark and Aave) typically do not "give away" such a large proportion of tokens; thus, the initial proposal's "generosity" deviates from industry norms, with some "ambiguous" criteria present. Before Aave's substantial contribution to WLFI is verified, the commitment to a "fixed proportion" of total token allocation and long-term revenue sharing is unusual.

Looking back to that point in time, in the fourth quarter of 2024, WLFI still faced doubts of "insufficient credibility and overvaluation." Additionally, the founding team's previous project had a "history" of being hacked, which led to poor token sales. In this context, leveraging Aave's brand and security reputation to "beautify" itself is an understandable public relations and market strategy. The combination of "Fork + revenue sharing/token transfer" alleviates the moral questioning of "copying" on one hand, and hedges against security concerns on the other.

However, in the following months, WLFI rapidly gained traction and shifted its strategic focus to a DeFi hub centered around the USD1 stablecoin, while its original positioning of "core lending protocol" became secondary. After the narrative shift, the early "fixed ratio" static commitments naturally faced renegotiation: they were more likely to evolve into dynamic incentives linked to actual usage and contributions, or to partially earmark tokens for specific traffic in Aave-related markets.

Liu Feng here cites an interview between Laura Shin and Multicoin founder Kyle Samani in 2018, where Kyle made a point that "in the Crypto world, technology is not important; how to go to market and how to operate is what matters most." This viewpoint was questioned by many at the time, but looking back now, such occurrences have become increasingly frequent.

Can USD1 move from "exchange-driven liquidity" to "real user usage"?

First of all, the current general picture of stablecoins is not optimistic. From the perspective of Crypto Native, apart from a few leading ones (USDC, USDT), there is a lack of daily use when it comes to yield stacking. Even with about 2 billion dollars injected, USDE has difficulty seeing natural retention. FDUSD is mostly used in strategic scenarios such as exchange listings and is rarely used in daily situations, indicating that "piling up the scale" does not equal "being needed by users."

Under this reference system, USD1 faces three hurdles: the first is the double-edged effect of political and banking channels. The political halo is conducive to rapidly organizing liquidity in offshore exchanges, but it may create resistance within the domestic financial system. There is still uncertainty about whether large American banks are willing to provide friendly clearing and custody services. Some jurisdictions and institutions may even avoid sharing the stage due to political sensitivities (such as the example of certain individuals in Hong Kong choosing to avoid interaction due to Eric Trump's visit to Hong Kong).

The second is the practical bottleneck of channels and distribution. Currently, the main resources leveraged by USD1 are overseas exchanges, while moving towards "real user usage" requires connecting the banking side, payment side, e-commerce, and embedded scenarios of social/super apps. These are all slow variables that require significant qualifications, strong risk control, and extensive business negotiations. Without these, stablecoins are likely to become "settlement chips between parties."

The third requirement is the coherence between products and incentives - crypto-native users generally dislike "narratives of assembling groups" and place greater value on verifiable reliability and clear use cases. For USD1 to break through the strong inertia of USDT/USDC, it needs to establish stable expectations in terms of reserve transparency/audit disclosure rhythm, multi-chain availability and bridging experience, wallet/custody native integration, merchant fee structures and rebate systems, and convenient redemption in compliant regions. Additionally, it should convert early resource advantages into long-term incentives linked to "actual usage," rather than one-time market-making subsidies.

But at the same time, WLFI's "resource pool" does have unique spillover value: by allowing the Trump family to form personal interests and policy drivers, it is expected to pave the way for broader on-chain innovation; the first step of "on-chain liquidity accumulation" at USD1 has already emerged, but the key to transitioning from "passive liquidity" to "active use" lies in whether it can continuously attract high-quality applications and achieve cross-domain distribution by leveraging existing ecosystem lists and appeal.

In the short term, it is difficult to shake the position of USDT/USDC. More realistically, USD1 is indeed acting as a universal settlement stablecoin among many, but USD1 is relatively weak in terms of bank entry and exit, progress in payment/e-commerce/salary pilot programs, and resources channels that mainstream wallets and custodial services default support. Coupled with marginal changes in the local political environment in the United States, this is a double-edged sword and may not necessarily be a positive factor.