Eric Trump, Executive Vice President of the Trump Organization, delivered a sharp warning to global banks this week: adopt cryptocurrency or risk extinction within the next decade. In an interview with CNBC on April 30, Trump criticized the traditional financial system as slow, inefficient, and rigged in favor of the wealthy elite.
“The modern financial system is broken, it’s slow, it’s expensive,” Trump said, citing high fees and lagging transaction times as fundamental flaws.
“It forced me into the crypto world. And I’m telling you, if the banks don’t watch what’s coming, they’re going to be extinct in 10 years.”
He specifically condemned SWIFT, the legacy cross-border messaging system, calling it an “absolute disaster” in terms of speed and accessibility. In contrast, Trump praised blockchain-based apps for enabling instant, low-cost global transfers.
“There’s nothing that can be done on blockchain that can’t be done better than the way that the current financial institutions are working,” he said.
“You can open up a DeFi [decentralized finance] app right now… and send money, wallet to wallet, instantaneously, without the expense, without the variability.”
Crypto Push Divides Banks and Industry Leaders
Eric Trump’s call for disruption comes amid growing tension between traditional banks and the crypto industry. While some central banks—such as Italy’s—continue to push back against digital assets and warn of stablecoin risks, others have cautiously begun exploring blockchain infrastructure.
Despite the hesitation, 2025 has seen rising optimism among crypto leaders. Easing U.S. regulatory pressures and shifting global sentiment are encouraging predictions that banks will eventually be forced to integrate crypto solutions—or risk irrelevance.
Trump’s stance echoes earlier bold predictions. In late 2024, he forecast that Bitcoin could reach $1 million per coin, and warned that governments would eventually adopt crypto to remain competitive in the evolving financial system.
Trump-Branded Stablecoin USD1 Raises Questions
Eric Trump’s renewed advocacy follows the Trump family’s latest move in digital assets: the launch of USD1, a dollar-pegged stablecoin backed by U.S. Treasuries, cash, and other equivalents.
Launched in March 2025, USD1 promises a 1:1 peg to the U.S. dollar and aims to serve as both a payment solution and digital savings tool. Marketed as a secure, transparent alternative to existing stablecoins, it mirrors the structure used by industry leaders like USDC and USDT.
However, the decision to deploy USD1 on the BNB Chain—developed by Binance, a crypto exchange with a controversial regulatory history in the U.S.—has raised eyebrows. Critics are questioning whether the move reflects deeper ties between the Trump brand and Binance-linked ecosystems.
Despite the scrutiny, USD1 is already generating attention in the broader trend of politically branded stablecoins, as crypto continues to intersect with partisan and cultural movements.
Quick Facts
- Eric Trump warns that traditional banks risk extinction without crypto adoption.
- He calls legacy systems “rigged” and hails blockchain as faster and cheaper.
- The Trump family launched USD1, a stablecoin backed by U.S. government assets.
- USD1 is deployed on the BNB Chain, raising questions about Binance ties.
