Trump says he is embracing crypto in launch teaser for World Liberty Financial
Former President Donald Trump announced that World Liberty Financial (WLFI) will officially launch next week on Sept. 16 during a live stream on X (formerly Twitter).
Trump shared the news on Sept. 12 via a teaser video on social media, where he stated:
We are embracing the future with crypto and leaving the slow and outdated big banks behind.
The Trump family, including Eric and Donald Trump Jr., has been involved in WLFIs development, playing key roles in the projects direction and strategy
WLFI
WLFI aims to promote the use of US-pegged stablecoins, with a focus on preserving the dollars role in global financial markets. The project has partnered with Aave to develop tools and infrastructure that could drive stablecoin adoption across various sectors.
WLFIs core mission centers on using stablecoins to ensure the US dollar remains the dominant currency for global trade and settlement. In earlier statements, the project outlined its vision of countering foreign currencies that are gaining influence in the global market.
According to the projects statements, stablecoins can help maintain the dollars role as a global financial leader for the foreseeable future. WLFI aims to provide an alternative to emerging digital currencies from foreign states by promoting the adoption of US-pegged stablecoins.
Controversy
WLFI plans to raise $540 million through a token sale, selling 30% of the projects tokens, while 70% have reportedly been allocated to insiders, which has led to concerns about transparency and fairness.
Additionally, on-chain analysts have noted connections between WLFI and Dough Finance, a previous DeFi protocol that was compromised in a hack earlier this year, adding another layer of controversy.
Meanwhile, the Trump familys involvement in World Liberty Financial has triggered political discussions, with questions arising about whether the projects focus is genuinely on decentralized finance innovation or more geared towards personal business interests.
Ethics experts have highlighted concerns over potential conflicts of interest, noting that while the venture may not violate existing legal provisions, it could still pose risks to public trust and the credibility of the political process. Some have also pointed out that Trumps promotion of his sons project might complicate his political ambitions should he seek office again.
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Text source: CryptoSlate
