CandleFocus ? Trump Crypto Project World Liberty Plans to Issue Stablecoin, Sources Say
2024-10-28
Author: Content Editor
Donald Trump's crypto project, World Liberty Financial, is reportedly planning to develop and launch its own stablecoin. The project has recently raised $14 million in an initial token sale and has hired Rich Teo, co-founder of stablecoin issuer Paxos, as its stablecoin and payment lead. Stablecoins are designed to hold a steady value, usually pegged to the U.S. dollar, and are an essential part of the crypto ecosystem. However, they face regulatory scrutiny and require heavy collateralization. While the potential launch of a stablecoin by World Liberty brings both risks and rewards, it could generate significant profits for the project. The legality of stablecoins in the United States is still contentious, and lawmakers are expected to vote on related legislation in the near future. World Liberty would need to negotiate with leading crypto exchanges, such as Coinbase and Binance, to make its stablecoin accessible to a wide user base. The project aims to leverage the Trump brand to attract retail investors and promote mass adoption of stablecoins and decentralized finance. Notably, Trump and his allies have criticized the idea of a U.S. central bank digital currency (CBDC), expressing concerns about government control and potential loss of funds.
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