Considering what time it is in the United States, most people would think Donald Trump, a major candidate in the upcoming US Presidential election, would have all of his hands on the forthcoming election, but it seems that the self-acclaimed “Crypto President” still has some time to spare for his crypto project.
Sources familiar with Trump’s crypto project have confirmed that a plan exists to create its own stablecoin. This comes after the controversial project recently raised $14 million in an initial token sale.
As of now, the project is not yet completed. Sources say it is still in development as the team working on the World Liberty project is still determining the best way to make the stablecoin safe before releasing it to the market.
Apart from the stablecoin, the project team is also concurrently developing other major project components for World Liberty Financial to ensure that all features are ready to launch at the right moment.
While it is still only recent news, it shouldn’t be too much of a surprise that World Liberty is launching its native coin, especially when you consider the fact that just earlier this month, Rich Teo, founder of the stablecoin issuer Paxos, was announced as World’s Liberty’s stablecoin and payment lead.
— WLFI (@worldlibertyfi) October 14, 2024
This move to issuing its stablecoin aligns with World Liberty Financial’s goal to “help secure the future of the US dollar in a digital world without succumbing to the centralized control of CBDCs.”
World Liberty Financial is already recording record-breaking numbers for its native WLFI token. The project reportedly drew in $220 million in sales just after one hour. At the time of this writing, over 956 million WLFI tokens have already been sold. Seeing the magnitude of success the project has gained, there is no reason for the project not to take up a stablecoin.
Apart from that, it also seems the market is increasingly taking a liking to stablecoins. Stablecoin liquidity surged to an ATH of over $169 billion at the end of September, which shows an impressive 31% growth since the beginning of 2024.
Today’s the day! @WorldLibertyFi token sale is live. Get your $WLFI tokens now. Purchase $WLFI here: https://t.co/jg1tOaHHBy pic.twitter.com/j8ewxa13wp
— Donald J. Trump (@realDonaldTrump) October 15, 2024
World Liberty Financial is still a young project; it was only announced early last month. So far, the project has been described as a “decentralized finance market.” The WLFI token itself is also described as a governance token. Ownership of the token allows holders to make decisions and vote on important issues. However, it is designed to be non-transferrable and does not earn yield.
Before its launch, World Liberty Financial had already white-listed more than 100,000 accredited investors since ownership was not open to everyone. The company’s hopes were dashed however as it only raised $14 million and sold 4.7% of the tokens despite its target to raise $300 million.
Kataryna Habeliia
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