FX168 Financial News (Asia Pacific) News Former US President and Republican presidential candidate Donald Trump (Donald Trump) released major news on Thursday (September 12). He announced the launch of his family's new decentralized finance (DeFi) project World Liberty Financial (WLFI) on September 16, North American time. He welcomed the market to participate in the event and emphasized that slow and outdated big banks would be left behind.
Trump wrote, “On September 16 at 8 p.m. North American time, welcome to watch the World Liberty Financial Project press conference live on Twitter Spaces (Twitter Spaces). We will embrace the future with cryptocurrency and leave slow and outdated big banks behind.”
(Source: Twitter)
WLFI's official Telegram channel announced that the project's press conference will be broadcast live from Trump's Sea-Lake Estate.
“Please be prepared and we will announce plans to 'Make Finance Great Again' (Make Finance Great Again),” the team said. “This is a landmark event you don't want to miss.”
Earlier, the WLFI team revealed that the project aims to make stablecoins linked to the US a global settlement layer for the next century. It has partnered with security companies such as Fuzzland, PeckShield, and BlockSecTeam, which have reviewed the project's code.
(Source: Twitter)
Additionally, the project aims to establish a decentralized financial system using Aave's non-custodial lending platform.
This document and other reports describe a lending service strikingly similar to the DeFi project Dough Finance, a blockchain application that was recently hacked and developed by 4 people listed as members of the WLFI team.
According to people familiar with the matter, Zachary Folkman and Chase Herro founded Dough Finance, and they are listed as WLFI's Head of Operations and Head of Data and Strategy respectively in the white paper.
According to a source familiar with the matter, the project will also include a new cryptocurrency, “WLFI,” which is a non-transferable governance token. Transfer restrictions may make it difficult for speculators to trade the asset.
Further reading: Suddenly a big deal! Trump Family's “White Paper” Rarely Revealed: Financial Lending Services, Non-Transferable Tokens...
According to a previous report by CoinDesk, privately, Trump's core circle has been quietly peddling white papers for the WLFI project.
However, experts emphasized that WLFI projects face challenges in gaining attention because mature US dollar stablecoins such as USDC and USDT already have strong liquidity, community support, and trust, and WLFI needs to provide excellent features to stand out.
Trump made cryptocurrencies, and Bitcoin in particular, the focus of his 2024 campaign. He envisions the US as a global leader in cryptocurrencies, aiming to make it the world's “crypto capital” and Bitcoin superpower.
To support this, Trump plans to establish a US National Bitcoin Reserve to ensure that the US government holds all current and future Bitcoin assets.
According to the on-chain data tracking platform Dune Analytics, the US government still holds 203,222 bitcoins.
(Source: Dune)