Trump family crypto project targets stablecoins as global US dollar protector

While still not revealing many specifics, the Trump family’s yet-to-be-launched crypto project, World Liberty Financial (WLFI), claims it wants to "make crypto and America great."

They have two instruments for this: decentralized finance (DeFi) and stablecoins.

In their latest announcement, World Liberty Financial (WLFI) said that DeFi "is the future" and that the project will make it accessible "for everyone." They also want to make USD-pegged stablecoins "the world’s settlement layer for the next 100 years."

"By spreading USD-pegged stablecoins around the world, we ensure that the US dollar’s dominance continues, securing America’s financial leadership and influence on the global stage," the team behind the project said, adding that the USD is "now under attack by foreign nation-states."

WLFI also confirmed it is working with the major DeFi platform Aave, though it didn’t specify in what capacity. Additionally, the project claimed it’s cooperating with security experts from Zokyo, Fuzzland, Peckshield, and BlockSec while stating that the unspecified "brightest minds in crypto are backing" WLFI.

The team didn’t reveal any timeline for the project’s launch or provide any further specifics.

In any case, the stablecoin pledge resonated with some top voices in the crypto industry, such as Jeremy Allaire, CEO of Circle, the issuer of the second-largest stablecoin by market capitalization, USD Coin (USDC).

Aligned https://t.co/sfgtPrzu9b

undefined Jeremy Allaire - jda.eth / jdallaire.sol (@jerallaire) September 4, 2024

USD-pegged stablecoins have long been touted as a potential solution to help the USD maintain its global influence. Even in Congress, bills have been introduced to support the growth of this industry, cementing the USD's role.

Meanwhile, as reported yesterday, even before the launch of WLFI, scammers managed to hack the X accounts of some family members to promote a scam token.