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Eric Trump, Executive Vice President of the Trump Organization and son of U.S. President Donald Trump, has issued a stark warning to traditional banks: adopt cryptocurrency or risk obsolescence within the next decade. In a recent CNBC interview, Trump criticized the current financial system as “broken, slow, and expensive,” emphasizing that it disproportionately favors the ultra-wealthy. He argued that the advent of decentralized finance (DeFi) applications offers a more efficient and equitable alternative, enabling instant, low-cost transactions without the need for intermediaries.
Trump’s remarks coincide with his family’s increasing involvement in the cryptocurrency sector. In March 2025, the Trump-affiliated platform World Liberty Financial (WLF) launched USD1, a stablecoin pegged 1:1 to the U.S. dollar and fully backed by short-term U.S. government treasuries and dollar deposits. USD1 operates on the BNB Chain, a blockchain associated with Binance. This move has sparked controversy, with some alleging a connection between Binance and the Trump family; however, both parties have denied these claims.
Additionally, Trump has joined Metaplanet’s strategic board of advisers, a Bitcoin-focused firm aiming to become a leading entity in the Bitcoin treasury space. He has also predicted that Bitcoin will eventually reach $1 million per coin, underscoring his belief in the transformative potential of cryptocurrency.
These developments highlight the Trump family’s active role in the evolving cryptocurrency landscape, advocating for a shift away from traditional banking systems toward decentralized financial solutions.
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