World Liberty Financial (WLFI), the new decentralized finance (DeFi) project of the Trump family, a former US president and Republican presidential candidate, announced in the official Twitter account that it will ensure the dominance of the US dollar by adopting a large-scale use of USD stablecoins and the project may be built on the Ethereum blockchain.
In a statement on Thursday, September 4th, the Trump family's upcoming DeFi project WLFI claimed that its main goal is to promote the large-scale adoption of stablecoins and DeFi.
(Source: Twitter)
The official account wrote: 'We hope that stablecoins pegged to the US dollar will continue to serve as the world settlement layer in the next 100 years.'
'By spreading US dollar-pegged stablecoins globally, we ensure the continued dominance of the US dollar, as well as the financial leadership and influence of the United States on the global stage,' wrote the WLFI team.
There is growing concern that the US dollar may lose its status as the world's reserve currency and its dominance in international trade and commodity transactions.
Meanwhile, according to data from DefiLlama, the market cap of stablecoins, excluding algorithmic stablecoins, has experienced continuous growth for nearly 12 months and reached a historical high of $169 billion on September 5th.
In terms of market cap, the top 5 stablecoins in the world are all pegged to the US dollar.
In addition to bullish comments on stablecoins, the project also hinted at partnering with the DeFi protocol Aave, which may indicate that WLFI will be built on the Ethereum blockchain.
(Source: Twitter)
According to the WLFI team, the project is not just another hostile fork, as history has shown that those are not feasible.
The project also claims to be actively collaborating with top security experts who have reviewed their code to help them adopt best practices.
Trump has previously made several 'mysterious' posts about WLFI, positioning it as a service that helps users bypass traditional banking and establishes the United States as the 'cryptocurrency capital' of the world.
So far, personnel associated with the WLFI project have faced attacks from hackers and fraudsters.
On August 8th, Eric Trump had to clarify that a meme coin called RTR has no affiliation with the project, as rumors claimed it was part of WLFI and it surged to $155 million within hours of its initial launch.
On August 30th, WLFI's official Telegram group condemned a series of false advertisements and giveaways that were attempting to profit from hyping the project.
On September 4th, the fraudsters successfully hacked into the Twitter accounts of Lara Trump and Tiffany Trump, members of the Trump family, and posted false links claiming to be related to WLFI.
The Trump family and the WLFI team take this issue very seriously, and they have posted warnings on their official social media platforms, urging investors to rely on official accounts as their primary source of information.
(Source: Telegram)
