⚡ World Liberty Financial Set to Release a New Stablecoin
posted 29 Oct 2024
World Liberty Financial, the project championed by Donald Trump’s sons and fueled by a recent $14 million private investment, is moving closer to releasing its USD-pegged stablecoin. According to Decrypt, the team is now focused on solidifying the technical backbone for the new coin.
Check out: New Details on World Liberty Financial
Donald Trump’s backing places his reputation squarely behind the venture. Source: Decrypt
Guiding the development of this stable token is Rich Teo, co-founder of Paxos Trust Company, a respected player in the crypto sector with stablecoins like Pax Dollar (USDP) and Binance-Peg USD (BUSD) under its belt.
Rumor has it that Paxos is set to act as the payment processor for the World Liberty project, though Rich Teo has not yet provided any statements regarding these claims.
Further reading: Paxos: digital gold and BUSD issuer
The Trump family’s World Liberty Financial markets itself as a mission to ensure the continued influence of the U.S. dollar in the digital age, all while avoiding centralized control.
Investor interest didn’t quite meet the developers’ expectations. In the first hour of the WLFI token sale, they raised $5 million, totaling just $14.325 million—well below the $300 million they were aiming for.
Tokens worth almost $286 million went unsold! Source: Dune
For a stablecoin launch to succeed, securing partnerships with exchanges such as Coinbase and Binance is critical to maintain security and ensure adequate liquidity.
A Trump re-election could deeply affect these alliances. Both exchanges are under regulatory pressure in the U.S., and Trump’s platform includes a more crypto-friendly stance and a pledge to replace Gary Gensler as SEC chair.
A Trump re-election could deeply affect these alliances. Both exchanges are under regulatory pressure in the U.S., and Trump’s platform includes a more crypto-friendly stance and a pledge to replace Gary Gensler as SEC chair.
Check out: New Details on World Liberty Financial
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