Washington DC - Shares in Trump Media jumped by as much as 10% on Tuesday after the company announced a partnership with Singapore-based cryptocurrency platform Crypto.com to launch a series of financial products.

President Donald Trump is the majority shareholder of Trump Media, whose stock has plummeted in recent weeks, particularly since the start of his second term in late January.

The collaboration will see Trump Media, through its financial technology brand Truth.Fi, offer exchange-traded funds (ETFs) and other products.

These products are "expected to comprise digital assets as well as securities with a Made in America focus spanning diverse industries such as energy," the companies said in a statement.

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Separately, World Liberty Financial (WLFI), a cryptocurrency project backed by Trump and his family, announced Tuesday the launch of a new stablecoin pegged to US government debt.

Stablecoins are designed to mitigate the price fluctuations common to cryptocurrencies like bitcoin and Ethereum by linking their value to more stable assets, typically fiat currencies.

WLFI plans to launch USD1, a stablecoin redeemable 1:1 for the US dollar, utilizing blockchain technology from Ethereum and Binance, the cryptocurrency exchange reportedly seeking closer ties with the Trump family.

Trump, who previously dismissed cryptocurrency as a "scam" during his first term, has embraced the sector since returning to the White House, pledging to make the US a "crypto superpower."

The deals further raise questions about the potential conflict between Trump's business interests and his policy decisions.

In January, Trump and First Lady Melania Trump launched their own meme coins, digital assets often based on internet jokes or celebrity and considered to have little intrinsic value.

The president posted on social media about his meme coin on Sunday, with its price immediately jumping before quickly falling again.

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US crypto players were major supporters of Trump's presidential campaign, contributing millions of dollars toward his victory in hopes of ending the deep skepticism of the previous Democratic administration toward digital currencies.

Under the agreement with Crypto.com, the platform will provide Trump Media with backend technology, custody services, and cryptocurrency supply for the ETFs, which are expected to include a basket of digital assets like Bitcoin and Cronos.

The products will be available to Crypto.com's 140 million users worldwide.