Trump’s cryptocurrency project plans to launch a stablecoin. Democratic candidates are leading the election.
With less than a week until the US presidential election, former President Donald Trump’s cryptocurrency project World Liberty Financial (WLF) reportedly is preparing to issue its own stablecoin pegged to the US dollar. It is being
Sources close to the project indicate that the coin is still in development, but the launch may be delayed.
According to insights shared with Decrypt, the team prioritizes safety and regulatory compliance before bringing the stablecoin to market.
Notably, WLF appointed Rich Teo, co-founder of stablecoin issuer Paxos, earlier this month. This indicates that the project’s conversion to a stablecoin may have been in the works for some time.
President Trump’s WLFI Coin Launch
This latest effort builds on the previous launch of the WLFI token. The project initially whitelisted over 100,000 accredited investors with ambitious plans to raise $300 million from the initial token sale.
However, according to AMBCrypto, this effort was insufficient. Only $14 million was raised, or just 4.7% of the tokens sold.
However, this did not deter the WLF’s ambitions. Among its recent governance proposals, the project announced its intention to establish a new Aave v3 (AAVE) instance on the Ethereum (ETH) mainnet, with a focus on stablecoin liquidity.
Additionally, it also includes a revenue sharing model to expand Aave’s user base and encourage new DeFi users.
Whale bet on Trump’s victory
Amid these new developments, Lookonchain data reveals that large investors are placing large bets on Trump’s success in the 2024 US presidential election on prediction platform Polymarket.
A prominent whale (0x94a428cfa4f84b264e01f70d93d02bc96cb36356) recently allocated $1 million USDC on top of the $5 million already invested in stocks favorable to President Trump’s election victory.
Source: Lookonchain/X
Similarly, another whale (0xd235973291b2b75ff4070e9c0b01728c520b0f29) reportedly withdrew over $2 million USDC from Binance for pro-Trump bets. This latest bet brings Whale’s total investment to $7.22 million.
Election Prediction Market: Trump vs. Harris
As the clock ticks down, Polymarket data shows Trump has a 66.1% chance of winning the next election.
By contrast, Vice President Kamala Harris’ odds don’t look much better, lagging behind at 34.0%.
Source: Polymarket
With a Trump-backed stablecoin likely to enter the market and World Liberty Financial navigating complex regulatory waters, the financial landscape will soon see more interaction between political influence and cryptocurrencies. You might see an intersection.
Next: Dogecoin News: Doge to the Moon? Elon Musk ignites massive rally
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