Trump-Backed Crypto Venture World Liberty Financial Sponsors White House UFC Fight

World Liberty Financial, a crypto venture backed by Donald Trump, sponsored the recent White House UFC fight as a presenting partner. The event marked another high-profile appearance for the project, which is expanding adoption of its USD1 stablecoin.

The company used its USD1 stablecoin to pay $250,000 in prize money to two UFC fighters, Justin Gaethje and Ciryl Gane. According to CEO Zach Witkoff, this was done to make money more accessible and faster using the stablecoin.

World Liberty Financial's efforts to increase adoption of its USD1 stablecoin come as it faces a dip in supply over the past few months. Since hitting a peak of $5.34 billion in circulating supply back in March, USD1 has fallen to $4.43 billion.

The sponsorship also adds to the ethical scrutiny surrounding Trump's crypto ties. Critics have expressed concerns that the president is personally profiting from pro-crypto policies, with at least $2.3 billion in crypto profits attributed to the Trump family since the start of his second term.