Donald Trump Jr. says his family isn’t behind the new "Trump Wallet"

Donald Trump is the name behind a new crypto wallet, but Donald Trump Jr. says his family has nothing to do with it.

The project, branded as the Official $TRUMP Wallet, was promoted Tuesday in a public post by Magic Eden, in partnership with GetTrumpMemes.com. The site urges people to join a waitlist, claiming it’s the only wallet officially tied to the $TRUMP token, created by the team behind the president’s memecoin.

The wallet website says: “Yes! This is The Official $TRUMP Wallet by President Trump. Magic Eden partnered with GetTrumpMemes.com to create the first and only $TRUMP Wallet. Have Fun!” That came just days after Trump hosted a private dinner for the biggest holders of his meme token — an event that raised eyebrows from critics accusing him of turning his presidency into a crypto marketing scheme.

Don Jr. denies link to the wallet and focuses on stablecoin

Less than an hour after the announcement, Donald Trump Jr. posted on X, writing: “The Trump Organization has zero involvement with this wallet product. Eric Trump and I know nothing about it. Stay tuned—World Liberty Financial, which we have been working tirelessly on, will be launching our official wallet soon.”

In an interview on CNBC’s Squawk Box before the post, Don also made it clear: “I wasn’t involved in the meme coin. I’m more focused on the stablecoin, the bitcoin mining.”

The $TRUMP token, which was launched three days before the Inauguration, has been the main coin tied to the Trump name in crypto. 80% of the supply is held by the Trump Organization and its affiliates, making it the financial center of Trump’s current crypto ventures. At its highest point, the token hit a market cap of $15 billion, but most of those gains are now gone.

Even though the coin’s value dropped, its creators are still earning. Every transaction made using the $TRUMP token automatically sends a cut to the developers’ wallets. Between January and April, over $324 million in trading fees landed in wallets connected to the token’s team, according to data tracked by Chainalysis.

Trump family says crypto move was driven by being ‘debanked’

Don Jr. said the move into crypto wasn’t some gimmick. He explained that the family had to look for alternatives after being shut out by banks following Trump’s entry into politics.

“I could call any single banker in New York City,” he said. “They’d pick up the phone, I’d be able to get a loan for whatever real estate project I was doing across the street. Then we got into politics, and all of a sudden they wouldn’t take your call. You couldn’t get financing. We were debanked.”

That’s what led to their push into crypto, and now to their focus on a stablecoin called USD1, issued by World Liberty Financial. The token is fully backed by US Treasurys, and Donald Jr. says it could help boost America’s financial dominance.

“They’re literally some of the biggest buyers of US Treasurys in the world, replacing a lot of the countries that would have been traditionally doing that,” he said, pointing to Tether, which holds nearly 70% of the global stablecoin market.

Tether’s own holdings include about $120 billion in US government debt, which places it above countries like Germany and the UAE as a top Treasury holder. Don Jr. added, “Stablecoins could be the savior of US currency.”

The Trump family’s growing involvement in crypto, though, has drawn heat. Critics say a sitting president with financial interests in tokens creates space for corruption and foreign money to enter US politics. Donald Jr. pushed back by highlighting crypto’s anonymity. “You don’t know who’s actually doing any of these things,” he said. “It’s hard to influence if you don’t actually know where this stuff’s coming from.”

That hasn’t stopped big names from getting involved. Justin Sun, founder of the Tron blockchain, increased his stake in WLFI tokens — tied to the Trump family’s stablecoin initiative — to $75 million in January.

A court filing the next month revealed he and the Securities and Exchange Commission were working on settling a fraud case. Sun also bought a big chunk of the $TRUMP token, becoming one of the top holders, and bringing his total investment in Trump-tied coins to at least $97 million.

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