The Ultimate Fighting Championship (UFC) announced on Friday that it will pay bonuses to fighters in a form of cryptocurrency issued by Trump family business World Liberty Financial at the heavily publicized White House mixed martial arts event on Sunday.<\/p>\n
The development connects the Trump family\u2019s financial interests to the high-profile UFC competition being promoted on government property. The competition on the south White House lawn is scheduled for 14 June, Donald Trump\u2019s birthday.<\/p>\n
The UFC said some fighters will receive bonuses in World Liberty Financial crypto called \u201cstablecoins\u201d, whose value is pegged to the US dollar. World Liberty named the currency \u201cUSD1\u201d.<\/p>\n
World Liberty is a venture of the Trump family and the family of Steven Witkoff, Trump\u2019s friend and special envoy to the Middle East. The company is now listed as an \u201cofficial sponsor\u201d of UFC Freedom 250, the fight scheduled for Sunday. The use of its stablecoin in the fight would appear to boost efforts to have it used more more broadly.<\/p>\n
White House spokesman Davis Ingle said there is no conflict of interest and that Trump\u2019s assets are in a trust managed by his children. \u201cThe Fake News\u2019 continued attempts to fabricate conflicts of interest are irresponsible and reinforce the public\u2019s distrust in what they read.\u201d<\/p>\n
The fight is not linked to Freedom 250, a separate organization promoting the 250th anniversary of the country.<\/p>\n
World Liberty Financial, a Delaware-based cryptocurrency venture co-founded by Donald Trump and his sons in 2024 alongside the Witkoff sons , has emerged as one of the highest-profile businesses connected to the president\u2019s family.<\/p>\n
At one point, Trump Sr was publicly listed by the company as its \u201cChief Crypto Advocate\u201d.<\/p>\n
His financial disclosure form lists his holdings in World Liberty Financial as \u201cover $50m \u201d.<\/p>\n
Reuters reported this month<\/a> that the Trump family\u2019s crypto ventures, led by WLF, have generated billions of dollars in paper gains and become one of the largest sources of wealth tied to the president and his family.<\/p>\n World Liberty announced the company was creating a \u201cbonus pool\u201d for the event the company and quoted Zach Witkoff, Steve Witkoff\u2019s son and CEO of World Liberty Financial. \u201cWe believe this is the future of finance, and we\u2019re excited to partner with UFC,\u201d he said, \u201cwhich has done more than any organization to modernize the business of sports\u201d.<\/p>\n World Liberty was dogged by controversies surrounding<\/a> its digital \u201cgovernance token\u201d, a type of crypto it sold, and is in litigation with Justin Sun, the crypto tycoon who was an early buyer of the tokens. He sued<\/a> the company this year alleging it improperly froze his tokens, and World Liberty sued<\/a> him for defamation.<\/p>\n The USD1 stablecoins are separate from the tokens and are tradable digital assets that are backed by dollar reserves. The firm has also applied<\/a> for a banking license from the Office of Comptroller of the Currency.<\/p>\n