Donald Trump's media group, Trump Media & Technology Group (TMTG), saw its stock leap nearly 10% on Wall Street Tuesday following the announcement of a partnership with cryptocurrency exchange Crypto.com to launch a series of financial products. This collaboration will allow Trump Media, through its fintech brand Truth.Fi, to offer investment funds and other products.
These will include ETFs, or exchange-traded funds, which can be bought and sold instantly without restrictions, allowing investors to benefit from the performance of an asset or basket of assets without directly holding them. TMTG indicated that these funds are expected to be launched later this year and will be available internationally, particularly in the U.S., Europe, and Asia, through existing brokerage platforms.
As of 2:25 PM, the stock of Trump Media & Technology Group was up 9.78% on the New York Stock Exchange. At the same time, World Liberty Financial, backed by the Trump family, announced the launch of a new stablecoin, USD1, which will be backed by traditional currency, specifically the dollar. The sale proceeds of this stablecoin will be invested in short-term Treasury bills, ensuring quick conversion to cash and stability.
