Eric Trump, co-founder of World Liberty, labels banks as ‘anti-American’ in relation to stablecoin dispute.

The co-founder of World Liberty Financial and son of the president shared updates on the current discussions regarding stablecoin yield on Wednesday.

Eric Trump (Keith Tanner/CoinDesk)

Eric Trump, the son of U.S. President Donald Trump and a co-founder of the cryptocurrency firm World Liberty Financial, criticized the banking sector on Tuesday for their resistance to the inclusion of stablecoin yield in legislative frameworks pertaining to the crypto market.

"Major financial institutions (such as JPMorgan Chase, Bank of America, Wells Fargo, etc.) are working diligently to prevent Americans from receiving better yields on their savings—while simultaneously attempting to obstruct any benefits or incentives from being provided to customers," he stated in a post on X, previously known as Twitter.

He noted that banks offer minimal interest rates compared to the rates they receive from the Federal Reserve, retaining the difference as profit.

"Currently, banks are aggressively targeting crypto and stablecoins, where platforms aim to provide yields or rewards of 4–5% or more," he mentioned.

"The ABA and other lobbying groups are spending significant amounts to prohibit or limit these yields through legislation such as the Clarity Act, claiming ‘fairness’ and using terms like ‘stability’—when, in reality, it is about safeguarding their low-rate monopoly and preventing deposit outflow. This is detrimental to retail customers, anti-consumer, and fundamentally un-American," he asserted.

World Liberty, the firm he co-founded, issues its own stablecoin, USD1. The organization is also in the process of applying for a charter with the Office of the Comptroller of the Currency.

Trump has expressed his concerns regarding banks over the past year, stating at various conferences that they have debanked him and his family.

His father, the U.S. president, commented on the Clarity Act on Tuesday, urging Congress to move the bill forward and similarly criticizing banks for their uncooperative stance in negotiations concerning stablecoin yield. It remains uncertain whether his post, or Eric Trump’s, will notably influence the discussions.

Donald Trump shared his thoughts shortly after a meeting with Coinbase CEO Brian Armstrong, who had publicly withdrawn his support from the bill in January due to the stablecoin provisions and other aspects he found problematic.

Patrick Witt, the White House’s executive director for cryptocurrency issues, also challenged JP Morgan CEO Jamie Dimon earlier on Wednesday after Dimon suggested that stablecoin issuers should be regulated similarly to banks.