Eric Trump: “Banks Came After Me, Crypto Set Me Free” as His Stablecoin Market Cap Hits $2B
Eric Trump took aim at traditional financial institutions during a fiery appearance at the Consensus conference in Toronto, declaring that “the banks made the biggest mistake of their lives” by alienating individuals like him and underestimating the rise of cryptocurrency.
Speaking alongside co-founders of World Liberty Financial (WLF), Trump—son of U.S. President Donald Trump and co-founder of bitcoin mining firm American Bitcoin—shared how his personal run-ins with major banks led him to embrace crypto.
Framing the move as both a financial strategy and a political stance, Trump said the crypto community has become an unexpected ally.
“There’s a famous saying that sometimes the enemy of your enemy is actually your best friend,” he told the audience. “That was the Trumps with the crypto community.”
Trump accused banks of “weaponizing” financial services against individuals with opposing political views. He claimed his own experience of being “canceled” by financial institutions had pushed him deeper into the world of decentralized finance.
“I was probably the most canceled person for doing absolutely nothing wrong,” he said.
Trump used the stage to promote USD1, WLF’s U.S. dollar-backed stablecoin that has rapidly reached a $2 billion market cap. He described the digital asset as a tool for global financial empowerment, particularly in countries plagued by inflation, corruption, or instability.
“It gives people the chance to hold value in a stable, trusted currency—especially in markets where their money is losing value by the hour,” he said. “It’s backed one-to-one by U.S. Treasuries, offering a level of financial security many have never had access to.”
WLF also announced that USD1 is now operable across multiple blockchains through Chainlink’s Cross-Chain Interoperability Protocol (CCIP), enhancing its reach and functionality in the decentralized ecosystem.
However, the launch hasn’t gone without controversy. Earlier in the day, WLF faced renewed scrutiny from U.S. Senator Richard Blumenthal, who questioned the ownership structure of Trump-affiliated entities. Legal representatives for WLF pushed back, defending the project’s transparency and legitimacy.
As political tensions around crypto continue to escalate in Washington, Trump’s remarks added further fuel to the ideological divide forming between proponents of decentralized finance and traditional financial power centers.
Still, the message in Toronto was clear: in Eric Trump’s view, crypto isn’t just about technology—it’s about freedom, independence, and a changing balance of power in the global financial system.
