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Cryptocurrency News Articles
Donald Trump's Crypto Project World Liberty Plans to Issue Stablecoin, Sources Say
Nov 05, 2024 at 06:06 pm
World Liberty Financial's entry into the crypto space has garnered substantial attention, though initial fundraising efforts have fallen short of expectations.
Former President Donald Trump's family is entering the cryptocurrency arena with World Liberty Financial, aiming to create a stablecoin pegged to the U.S. dollar in a bid to maintain American financial dominance in the digital realm.
The project has already launched its WLFI governance token and raised $14 million. Now, in its next phase, the team is planning to create a fully collateralized stablecoin that maintains a 1:1 peg with the U.S. dollar. The project will operate on the Aave V3 protocol and is being developed under the leadership of former Paxos co-founder Rich Teo.
The project's stablecoin will enter a market dominated by established players like Tether's USDT and Circle's USDC, which have market caps in the billions and proven track records. Despite this competition, the Trump stablecoin is generating interest due to its association with the former president and its potential to further legitimize stablecoins in the eyes of mainstream investors.
Here's a summary of some key aspects of the project:
Stablecoin will be pegged to the U.S. dollar and fully collateralized.
Plans to integrate with decentralized finance protocols and applications.
Project is overseen by a team led by former Paxos co-founder Rich Teo.
Stablecoin will be built on the Aave V3 protocol on Ethereum.
Governance will be handled by the WLFI token, and ownership is concentrated among Trump family, insiders (70%), founders (20%), and the public (10%).
Launch is expected in the first half of 2025, targeting both DeFi and mass adoption.
The project's stablecoin will be integrated with Aave, Uniswap, Curve, 1inch, and MetaMask.
As the project progresses toward its planned launch in the first half of 2025, several critical factors will influence its success. The team must navigate regulatory requirements, secure additional funding, and build market trust. The project's association with the Trump name has generated significant attention, promising what one expert called "the most free marketing that any crypto company could ever get."
However, the project also faces challenges, including the need to secure additional funding after falling short of its initial fundraising goal and the inherent risks associated with stablecoins, which have been a target of regulatory scrutiny and failed experiments in the past.
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