Crypto and Stablecoins: Eric Trump Defends the Dollar King

The dollar king. At TOKEN2049 in Singapore, Eric Trump defended the position of the US dollar in global finance. The son of the American president presents stablecoins as a means to broaden access to the greenback. This speech also aligns with the interests of World Liberty Financial, the crypto project linked to the Trump family that markets the stablecoin USD1 with BitGo.

Key Points

• Eric Trump defends the international role of the dollar and its use through stablecoins.
• The greenback represents 56.7% of global foreign exchange reserves in the second quarter of 2026, according to the IMF.
• BitGo issues USD1, while World Liberty Financial holds the brand and provides certain services.

TOKEN2049: Eric Trump Defends the Dollar's Preeminence

On October 7, Eric Trump summarized his position from the stage of TOKEN2049 in Singapore:

<< The US dollar is a global reserve currency. Whether we like it or not, everyone wants it. >> Eric Trump on the TOKEN2049 stage -- Source: X JDC Account

While the formula generalizes the demand for dollars, the data confirms the dominant position of the American currency. In the second quarter of 2026, the greenback represents 56.7% of global foreign exchange reserves, compared to 20.6% for the euro and 2.11% for the yuan, according to the International Monetary Fund. Its share, however, has decreased from 57.18% in the previous quarter.

The dollar also occupies a central position in the foreign exchange market. The Bank for International Settlements found it in 89.2% of transactions recorded in April 2025. In other words, nearly nine out of ten foreign exchange operations involve the dollar.

The development of dollar-backed stablecoins fits within this preeminence. These tokens allow for transferring a value referenced to the US currency through blockchains. Their adoption can thus extend the use of the greenback without undermining its role as a unit of account. Eric Trump defends the greenback on the TOKEN2049 stage -- Source: X JDC Account

Stablecoins: The Dollar Expands Its Use on Blockchains

Dollar-backed stablecoins thus provide the greenback with a new channel of circulation. Their appeal lies particularly in their accessibility: a digital wallet allows them to be received and stored, even without a US bank account.

They can thus meet the demand for dollars in countries facing high inflation or unstable currencies. However, they carry their own risks, related to the issuer, the quality of reserves, and the conditions of redemption. Their parity with the dollar depends on the functioning of these mechanisms.

Their development also presents an interest for the United States. When issuers place their reserves in Treasury bills, they support the demand for US public debt. However, this link depends on the chosen placements: reserves can also include bank deposits and other liquid assets.

Eric Trump thus advocates for a use of blockchain compatible with American monetary preeminence. World Liberty Financial participates in this dynamic with USD1, issued by BitGo and redeemable at parity with the dollar.

The rise of these tokens illustrates a particularity of the crypto market: a technology enabling value transfer without necessarily going through traditional banking circuits can also broaden the use of a state currency. For the dollar, stablecoins constitute an additional channel for payments and holdings on an international scale. And from Brussels to Beijing, not everyone is pleased with this.

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