Former President Donald Trump’s cryptocurrency project, World Liberty Financial, is reportedly planning to issue its own stablecoin, according to Decrypt.
The stablecoin is expected to be pegged to the US dollar to maintain stable value amidst the volatility of the crypto market. Sources close to the project told Decrypt that World Liberty is still considering how to securely build the coin before launch.
This new venture follows World Liberty’s recent $14 million initial token sale and coincides with the appointment of Paxos co-founder Rich Teo to oversee stablecoin development for the project.
On October 9th, World Liberty Financial announced its intention to launch services on the Ethereum (ETH) mainnet as an Aave V3 instance through a governance proposal. The decentralized platform Aave (AAVE) will serve as the backend for this effort.
The proposal states that World Liberty Financial’s Aave V3 instance will aim to enhance the liquidity of Ethereum and Wrapped Bitcoin (WBTC) stablecoins and contribute to the growth of Aave’s user community.
The proposed stablecoin would mark a strategic shift for Trump’s venture, which has already been talked about for its plans for an Ethereum-based lending and borrowing platform.
world liberty financial
Former President Donald Trump launched World Liberty Financial on September 16th, positioning it as a decentralized financial platform aimed at empowering users, with Eric Trump and Donald Trump Jr. as “Web3 Ambassadors.” Served.
However, the distribution of governance tokens that significantly favors connections to insiders and individuals involved in recent blockchain hacks has raised skepticism about the project’s legitimacy.
Despite World Liberty Financial’s bold statements from social media, concerns about transparency and the project’s unfinished white paper continue to raise questions among industry participants.
