Key facts
- UFC fighters will receive bonuses in cryptocurrency issued by World Liberty Financial at an event held at the White House.
- The cryptocurrency is a stablecoin called USD1, pegged to the US dollar.
- World Liberty Financial is a venture connected to the Trump family and Steven Witkoff's family.
- The event, UFC Freedom 250, is scheduled for June 14, Donald Trump's birthday.
- White House spokesman Davis Ingle denied any conflict of interest.
- World Liberty Financial is listed as an official sponsor of the event.
The Ultimate Fighting Championship (UFC) announced that fighters at its upcoming White House event, UFC Freedom 250, will receive bonuses in a cryptocurrency issued by World Liberty Financial, a venture linked to the Trump family. The event is scheduled for June 14, which is Donald Trump's birthday.
World Liberty Financial, co-founded by Donald Trump and his sons, along with the sons of Trump's friend Steven Witkoff, is listed as an official sponsor of the event. The company will provide bonuses in its stablecoin, named "USD1," which is pegged to the US dollar. This move is seen by some as a way to promote the broader use of the stablecoin.
White House spokesman Davis Ingle dismissed concerns about conflicts of interest, stating that Trump's assets are managed by his children and that media reports fabricating conflicts are irresponsible. World Liberty Financial, based in Delaware, has been described as one of the most high-profile businesses connected to the president's family, with Trump Sr. listed as its "Chief Crypto Advocate" at one point and his financial disclosure listing his holdings as "over $50m."
Zach Witkoff, CEO of World Liberty Financial, expressed excitement about partnering with UFC, calling it the future of finance. The company has faced controversy regarding its digital "governance token" and is involved in litigation with crypto tycoon Justin Sun. The USD1 stablecoins are separate from these tokens and are backed by dollar reserves. World Liberty Financial has also applied for a banking license.