Former US President and Republican Presidential candidate Donald Trump proposed a Bitcoin strategic reserve plan, attracting nearly $200 billion to the Bitcoin and cryptocurrency markets after repaying $35 trillion in US debt. The Trump family revealed that it is developing a decentralized finance (DeFi) platform aimed at competing with traditional banks. American media reported that Donald Trump Jr. is likely to launch a tokenized real estate project.
According to sources from Solid Intel and many cryptocurrency media outlets earlier this week, the new crypto project promoted by the Trump family may be called "World Liberty."
(Source: Twitter)
According to Fox Business journalist Eleanor Terrett's weekend Tweet (now renamed as X), if Donald Trump Jr.'s encryption project is indeed designed by Steve Witkoff, it will double speculation that it will be a tokenized real estate project.
(Source: Twitter)
This will involve so-called "Real World Asset Tokenization" (RWA), which refers to traditional financial assets such as currencies, private loans, art, real estate, stocks, and bonds, represented or tokenized on the blockchain.
Since the birth of cryptocurrency, tokenization has existed as a concept, but it has become an increasingly growing trend in 2023. Tokenization's main advantages include improved accessibility, transparency, liquidity, and efficiency, which in turn completely changes the financial market.
According to public information, Steve Witkoff is a real estate investment tycoon, founder and chairman of New York developer Steven Witkoff Group, who has successfully developed the 701TSQ Tower project in Times Square, New York.
It's not just the "World Liberty" new encryption project that has attracted attention. According to Forbes, Donald Trump Jr. revealed that the Trump family is developing a DeFi cryptocurrency platform to "fight" traditional banks.
(Source: Forbes)
Last week, after Donald Trump Jr. and another son of Trump Eric Trump released a series of posts, rumors about Trump's cryptocurrency began to spread, hinting at the possible release of "big" cryptocurrency news.
A new meme coin based on the US blue-chip public chain Solana, called "Restore the Republic" (RTR), first skyrocketed in price and then plummeted due to rumors that it might be Trump's official meme coin, but this rumor was refuted by Trump's son, Eric Trump, who called the rumors "absolutely fake" and said that "Trump's only official project has not been announced yet."
Donald Trump Jr. posted on Twitter, "I love the support the crypto community has shown for Trump, it's absolutely incredible, but be wary of fake coins claiming to be part of Trump projects. The only official project will be announced directly by us and is fair to everyone. Don't be fooled, please continue to focus on real trading."
In a live Q&A on the subscription platform Locals, Donald Trump Jr. stated that the mysterious and still unnamed Trump project will not be a meme coin, but will be a "long-term project."
"A lot of people are doing great things, I love meme coins and this culture, I love what these people and some of my friends are doing together, it's fantastic," Donald Trump Jr. said. "But I have to make sure people understand that you can't confuse one thing with another."
Donald Trump Jr. revealed more details of the plan, which appears to be a cryptocurrency-based payment and banking platform. "What I think we're trying to do is take over most of the banking business," he said. "This decentralized finance concept is obviously very attractive to people like me who have been canceled or unable to get insurance from banks."