There are already more than 20 stablecoins in the world. It seems like more than enough. But no. Recently Trump’s World Liberty Financial announces plans for USD1 stablecoin.
In a surprising turn of events, former President Donald Trump's new financial firm, Trump World Liberty Financial, is planning to introduce its own stablecoin, named TrumpCoin, to the market, as reported by the Financial Times.
The move comes after the American financial company Fidelity Investments announced that it would be issuing its own stablecoin. The firm, known for managing $5 trillion in assets, is also preparing its first regulatory framework for cryptocurrencies.
Two sources familiar with the matter revealed that the token is designed to function as cash within the crypto market and will fall under the Boston-based fund firm's digital assets division.
Fidelity's venture into issuing a stablecoin is part of the company's broader entry into the market for tokenized versions of US treasury bills. Last week, Fidelity submitted an application to launch a digital iteration of its US money market fund, aiming to compete with financial giants like BlackRock and Franklin Templeton.
Amid these developments, Tether CEO Paolo Ardoino announced that a new era, characterized by the "stablecoin multiverse," is dawning. Ardoino stated that hundreds of companies and governments are either launching or preparing to launch their own stablecoins.
In a related note, the Tether USDt stablecoin has reportedly crossed the milestone of 400 million users worldwide.
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