The intersection of big business and high-stakes sport has just become even more intriguing, with the Ultimate Fighting Championship (UFC) announcing that it will pay certain fighters in a unique cryptocurrency. The stablecoins, issued by World Liberty Financial, are set to be used for bonuses at an upcoming event on the South Lawn of the White House, marking a bold move into the world of digital finance by the Trump family's venture.
World Liberty Financial, founded in 2024 by Donald Trump and his sons along with the sons of Steven Witkoff – a friend of the former president who has been appointed as a special envoy – is quickly becoming a prominent business linked to the Trump family. The company's stablecoin, 'USD1', is pegged to the US dollar, aiming to offer a stable digital asset that can be used for transactions and investments.
The UFC event on 14th June will feature the use of USD1 stablecoins as part of its prize package, with World Liberty Financial listed as an 'official sponsor'. This move is seen by many as a strategic bid to increase the adoption and recognition of their digital asset. The connection between the Trump family's business interests and a high-profile sporting event on government property has drawn attention from critics, who are concerned about potential conflicts of interest.
A White House spokesman, Davis Ingle, has dismissed these concerns, stating that Donald Trump's assets are held in a trust managed by his children. However, the direct link between World Liberty Financial and an event on government property remains a point of scrutiny for many observers. Donald Trump Sr.'s financial disclosure form indicates holdings in the company exceeding $50 million, while recent reports suggest that the Trump family's crypto ventures have generated billions of dollars in paper gains.
Despite facing its own controversies, including litigation with crypto tycoon Justin Sun, World Liberty Financial has applied for a banking licence from the Office of the Comptroller of the Currency. The decision to pay bonuses in USD1 stablecoins was a late development, with the UFC initially announcing bonuses in a different cryptocurrency, CRO, before confirming World Liberty Financial as the 'partner of choice'.