Trump Family Crypto Project Seeks To Maintain US Dollar Dominance With Stablecoins
A Wednesday statement from World Liberty Financial, the new crypto lending platform promoted by former U.S. President Donald Trump and his sons, suggests it wants to ensure global U.S. dollar supremacy in decentralized finance.
Our mission is crystal clear: Make crypto and America great by driving the mass adoption of stablecoins and decentralized finance, World Liberty Financial said in a seven-part Twitter thread. We want U.S.-pegged stablecoins to remain the worlds settlement layer for the next 100 years.
We have previously covered in-depth that the appeal of cryptocurrencies has proven too much to resist for Donald Trumps family, even with less than two months to the election. While official details remain scant, World Liberty Financial indicated that it is being developed atop the popular Ethereum-based lending platform, Aave.
Were not just another hostile fork of Aave. History shows those dont work, the team posited. Were working with Aave, collaborating to create a platform that sets new standards and pushes all of DeFi forward. This is a partnership to build something truly transformative.
According to the projects team, the U.S. dollar is under attack by foreign nation-states after being the backbone of global finance for decades.
The main reasons why pundits think the dollar could soon lose dominance as the worlds reserve currency is the emergence of leading nations including Russia, South Africa, Brazil, China, and India, uniting to roll out a possible USD competitor, as well as the fact that the greenbacks share of financial exchange reserves has reached historic lows.
By spreading U.S.-pegged stablecoins around the world, we ensure that the U.S. dollars dominance continues, securing Americas financial leadership and influence on the global stage, the Sept. 4 statement said.
World Liberty Financial Copied Code From Hacked Blockchain App?
Fresh details concerning World Liberty Financial also emerged on Tuesday after CoinDesk reported that according to a leaked whitepaper, the upcoming borrowing and lending project is reminiscent of Dough Finance, a decentralized finance (DeFi) protocol that recently fell victim to a $2 million flash loan attack.
The report further revealed that World Liberty Financial is comprised of several Dough team members who could seemingly reuse code from the hacked protocol.
World Liberty Financial team, however, was quick to emphasize that it is making security a top priority, naming security firms Zokyo, PeckShield, BlockSec, and PeckShield as the companies have audited the projects code.
Notably, the team also intends to launch a new non-transferable governance token called WLFI.
To those who are skeptical or listening to the noise: Our plan will speak for itself, World Liberty Financial opined in the thread, The brightest minds in crypto are backing us, and whats coming will make all doubters think twice.
This comes after Donald Trump has previously made several cryptic posts concerning World Liberty Financial, vaguely billing it as a project that will make the United States the crypto capital of the planet.
Stay tuned. This is just the beginning, the X post concluded. Were here to win, and were here to change the game. Lets make DeFi, and America, great again.
Text source: ZyCrypto
