CandleFocus Could Trump’s World Liberty stablecoin compete with Tether and USDC?
2024-10-30
Author: Content Editor
Donald Trump's crypto venture, World Liberty Financial (WLFI), is planning to develop its own stablecoin, a USD-backed digital asset aimed at creating stability in the volatile crypto market. Despite launching its native governance token, WLFI has only secured $14 million of the $300 million funding target. The company appointed Rich Teo, co-founder of Paxos, as the lead for its stablecoin and payments initiatives. WLFI will face competition from established firms like Tether and USD Coin, as well as emerging players from traditional finance. The company will need to navigate regulatory challenges and gain user trust to succeed. However, with Tether reporting a record profit of $5.2 billion in H1 2024, the profitability potential for WLFI's stablecoin is evident. WLFI's governance token has struggled to meet initial projections, raising questions about its viability and investor interest.
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