President Donald Trump’s crypto project World Liberty Financial said it plans to launch a stablecoin redeemable one-for-one with the dollar, an announcement that comes as his administration throws its support behind the digital tokens that underpin most crypto transactions.

President Donald Trump’s crypto empire is expanding with the recent announcements of a new dollar-backed stablecoin and investment funds for digital assets

Announced in August, World Liberty Financial is one of Trump’s crypto products, which also include NFTs and a memecoin. The project is focused on DeFi, or decentralized finance. DeFi applications aim to replicate the businesses of banks—lending and borrowing—but on blockchains.