After Sun joins as adviser, Trump-endorsed World Liberty Financial replaces cbBTC with WBTC.

On Wednesday, World Liberty Financial, a company backed by the family of U.S. President-elect Donald Trump, completed a $10 million swap, exchanging cbBTC for WBTC. This move came after Coinbase’s announcement that it would delist WBTC, a wrapped bitcoin product, from its platform.

Wrapped bitcoin, or WBTC, is a version of bitcoin that is usable in decentralized finance (DeFi) applications on blockchains other than Bitcoin itself. Coinbase introduced cbBTC in September, but the platform’s decision to remove WBTC led BiT Global, a custodian for WBTC, to file a lawsuit against Coinbase. However, a court ruling on Wednesday favored Coinbase, allowing the delisting to proceed.

In the midst of this, Justin Sun, founder of the Tron blockchain and a prominent figure in the crypto industry, became an advisor to World Liberty Financial. This followed his $30 million investment in the company in exchange for WLFI tokens. Sun’s involvement in the case is noteworthy, as Coinbase cited his connections with BiT Global when deciding to remove WBTC, due to ongoing allegations of fraud and market manipulation against him in the U.S., charges he denies.

While World Liberty Financial has not publicly commented on the token swap, on-chain data indicates that the company has been actively acquiring tokens such as Aave (AAVE), Chainlink (LINK), and Ethena (ENA), all linked to the company’s partnerships and integrations.

Although Sun does not directly influence WBTC’s management, he plays a key role in the operations surrounding BiT Global, which is a strategic partner of BitGo, the primary custodian for WBTC. Sun’s involvement is viewed by some board members as positive, citing the success of the Tron blockchain, which holds more than 50% of the global market share for stablecoins and enjoys high turnover rates. This has helped Tron become a trusted platform for circulating stablecoin assets.

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