Sheikh Tahnoon’s group reportedly backs a 49% stake in the holding company behind World Liberty’s conditionally approved US trust bank. An Abu Dhabi royal and his co-investors reportedly back the largest stake in the holding company behind World Liberty Financial’s proposed US trust bank. Citing people familiar with the matter, the Wall Street Journal reported that Sheikh Tahnoon bin Zayed Al Nahyan’s group is behind StringZ Holding RSC, which owns 49% of WLTC Holdings. An entity affiliated with US President Donald Trump’s family owns another 38%, one person told WSJ. If it receives final approval, the planned bank would bring the issuance, redemption and custody of World Liberty’s USD1 stablecoin under the federally supervised venture. Read more
The transaction used the Marshall Islands-issued USDM1 bond as collateral and completed the full repo cycle on the Canton Network in under 10 minutes. Virtu Financial, M1X Global and Tradeweb completed an onchain repo transaction using a sovereign digital bond as collateral, with the full transaction settling on the Canton Network. The transaction used USDM1, a US dollar-denominated sovereign bond issued onchain by the Republic of the Marshall Islands and backed 1:1 by short-term US Treasurys. The bond pays a coupon while being used as collateral and is structured under New York law as a fully collateralized sovereign obligation. Both companies said it was the first repo to combine natively issued sovereign collateral with fully onchain atomic settlement. Executed between regulated counterparties on Tradeweb, the full repo and repurchase cycle was completed in under 10 minutes. Read more
While investors in World Liberty Financial‘s USD1 stablecoin “haven’t suffered major losses,” many lost billions of dollars in other Trump ventures, according to Public Citizen. The nonprofit consumer advocacy organization Public Citizen reported that US President Donald Trump “left investors at least an estimated $4.7 billion underwater” since 2022 through his and his family’s digital asset ventures. According to Public Citizen, investors lost billions of dollars through the Trump family World Liberty Financial governance token, the president’s nonfungible token (NFT) trading cards launched in 2022, his memecoin Official Trump (TRUMP) and Trump Media’s digital asset treasury. The bulk of the estimated losses, according to the organization, came from investors in the TRUMP memecoin, with $3.2 billion lost, while buyers of World Liberty Financial‘s USD1 stablecoin “haven’t suffered major losses.” Public Citizen said that in the case of the memecoin, the losses represented “wealth transferred to a small group ...