Donald Trump is preparing his own stablecoin ahead of the elections
Date: 2024-10-30 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The World Liberty Financial project already has its own token WLFI, which, thanks to the token sale, brought the developers about $14 million. The WLFI token plays an important role in managing the project's ecosystem, and the release of a new stablecoin, as analysts believe, can increase interest in Trump's initiative.
Information about the new stablecoin
According to sources, the World Liberty Financial team is planning to issue a new stablecoin pegged to the dollar. The project is in the development stage, and the main focus is on ways to safely enter the market with the new coin. However, no specific launch dates have been announced.
An indirect sign of preparation for the launch was the participation in the project of Rich Teo, co-founder of Paxos, which specializes in issuing stablecoins and participated in the creation of BUSD for the Binance exchange. Earlier, Donald Trump Jr., the candidate's son and an active participant in the project, also hinted at the possibility of launching a stablecoin as one of the key instruments of the project.
Advantages of a stablecoin for World Liberty Financial
Stablecoins pegged to the dollar exchange rate are especially popular in the crypto market due to their ability to maintain stability during periods of high volatility. These tokens help traders preserve the value of assets, and are also a convenient way to store funds. For example, the most popular dollar stablecoin Tether (USDT) even exceeds Bitcoin in trading volume, which indicates its demand.
Inspired by the growing demand for stablecoins, many companies have begun to develop their own "stablecoins". Among them are such players as the payment service PayPal and the crypto exchange Coinbase, which participated in the release of USDC, the second-largest stablecoin by market capitalization. In September 2024, information appeared that the fintech company Robinhood was also preparing to launch its own stablecoin.
For Trump's crypto project, the presence of a stablecoin could strengthen its position in the market. World Liberty Financial aims to make financial instruments more accessible, and the release of a stablecoin could help achieve this goal.
Opinions and reactions of the community
Despite the ambitious plans, many crypto enthusiasts were skeptical about the project. On social networks, users expressed doubt about the success of Trump's stablecoin, calling his attempt just another marketing campaign. Some argue that there are already enough stablecoins on the market and Trump should focus on solving urgent problems for the industry, such as pressure from regulators.
The US presidential election is scheduled for November 5, and Trump is currently projected to be leading with over 66% of the vote. VanEck believes that a victory for both Trump and his rival Kamala Harris will bring positive changes to the crypto industry.
