Donald Trump Jr., Chase Herro and a group of their business partners descended on Manhattan’s Jazz at Lincoln Center concert hall last year to promote an expansive vision for World Liberty Financial, the Trump family’s cryptocurrency venture.

World Liberty had begun accumulating tokens from other crypto projects, and its ambitions were growing. The company and its partners announced plans spanning lending, stablecoins, tokenized US Treasuries and stocks.

World Liberty eventually gathered many of the tokens into what it called a “strategic token reserve.” It was intended to provide a “robust financial backbone” for the digital-asset venture that Trump co-founded with his sons and business partners in the weeks before the 2024 election.