World Liberty Financial, a crypto project co-founded by the Trump family, generated substantial business revenue while establishing a strategic token reserve with LINK, AAVE, ENA, MOVE and other tokens. After the purchases were confirmed on-chain, the relevant tokens generally rose 10% to 26% within a day, but later gave back much of those gains amid broader crypto-market weakness. World Liberty subsequently transferred or disposed of most of its LINK, AAVE, ENA and MOVE holdings, with some sent to centralized exchanges; it has not been confirmed whether those transfers represented sales. Trump’s financial disclosures showed millions of dollars in token-sale proceeds, while World Liberty added $594 million to its net worth last year. Announced initiatives involving an Aave-based lending service, Ethena’s ENA stablecoin as collateral, and Ondo’s tokenized Treasuries and stocks remained unimplemented, prompting criticism over potential conflicts of interest involving the project’s industry relationships and Trump administration policies. Separately, the European Central Bank and other central banks in the European System of Central Banks said stablecoin issuers should not be required to keep reserves in banks, recommending instead assets maturing within one to five business days. World Liberty said it adjusts its strategy to market conditions and business priorities and that its decisions are unrelated to administration decision-making.