“There’s a famous saying that sometimes the enemy of your enemy is actually your best friend,” Eric Trump remarked to the audience during the Consensus conference in Toronto, Canada. “That was the Trumps with the crypto community. And I think the banks made the biggest mistake of their lives.”

Eric Trump, the son of U.S. President Donald Trump and co-founder of the bitcoin mining venture American Bitcoin, also advises World Liberty Financial (WLF), which recently released a dollar-backed stablecoin, USD1, boasting a market cap of $2 billion.

“So many of the banks have been weaponized and I was case in point,” Trump stated, expressing frustrations over being allegedly ‘canceled’ by significant financial entities due to his political affiliations, ultimately leading him to explore crypto as a refuge from such challenges.

He described USD1 as a financial instrument that offers autonomy, especially in regions afflicted by warfare, corruption, and hyperinflation, claiming it upholds freedom of financial choice for individuals historically deprived of such liberties.

Trump revealed that alongside the co-founders of WLF, he announced during the event that USD1 is now compatible across various blockchains through Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

Earlier, defenses were mounted by WLF’s attorneys against scrutiny from U.S. Senator Richard Blumenthal, who raised inquiries about the ownership and investment architecture surrounding Trump-associated ventures, including WLF.