World Liberty Financial, the crypto business created by President Trump and his sons, unveiled a cryptocurrency called a stablecoin, furthering his ties to an industry his administration regulates.

Donald Trump's World Liberty Financial crypto venture will launch a dollar-pegged stablecoin, it said in a statement on Tuesday, after raising more than half a billion dollars from selling a separate digital token.

The token will backed by short-term U.S. government Treasurys, U.S. dollar deposits and other cash equivalents, and will be issued on blockchains created by both Ethereum and Binance.