A cryptocurrency project backed by U.S. President Donald Trump has stunned markets with a $590 million token sale.

World Liberty Financial (WLFI), shrouded in secrecy, closed its private fundraising phase, igniting speculation about its decentralised finance (DeFi) ambitions and political undertones.

A cryptocurrency project backed by former U.S. President Donald Trump has raised a staggering $590 million, ranking it among the top 10 token sales in history.

The project, known as World Liberty Financial (WLFI), has become a hot topic of conversation in the crypto community. The project is shrouded in secrecy, but what we do know is that it is a DeFi project that is focused on dollar-backed stablecoins and lending services. The project’s founders include Trump-linked entities, such as DT Marks DEFI LLC, and it is being advised by Chain, a leading blockchain and Web3 technology provider.

The project’s ties to Trump-linked entities and its DeFi ambitions have sparked speculation about its political and financial fusion. The project’s involvement with Tron founder Justin Sun, who injected $30 million into the project, is also noteworthy, as it highlights the cross-industry alliances being forged in the crypto sector.

WLFI’s private fundraising phase has now closed, and accredited investors will reportedly receive their tokens in the coming weeks. The project’s founders, co-founders Zak Folkman and Chase Herro, are aiming to create a "next-generation" DeFi platform that will offer users advanced financial products and services.

The project’s token, which is called WLFI, is non-transferable and will not be listed on any exchanges. This structure is designed to concentrate power among early stakeholders and create an exclusive club for those who have been granted access.

The project’s website does not provide any information about its minimum contribution or the total number of tokens that will be sold. However, reports suggest that 70% of the tokens have been allocated to insiders, including Trump affiliates and founders, while 30% of the tokens will be allocated to accredited investors who participated in the pre-sales.

The project’s founders are also planning to sell a portion of the tokens to the public in a future initial exchange offering (IEO). This offering will be structured in a way that is compliant with U.S. securities laws.

WLFI is still in the early stages of development, and it remains to be seen whether the project will be successful in the long term. However, the project’s impressive fundraising haul and high-profile backers suggest that it has the potential to become a major player in the DeFi space.