Trump Family’s DeFi Project Wants To “Ensure US Dollar Dominance”

While not much is known about the Trump family’s crypto project, the latest statement from World Liberty Financial suggests it wants to spread the use of United States dollar-pegged stablecoins in decentralized finance. 

In a Sept. 4 X statement, the yet-to-be-launched decentralized finance (DeFi) platform claimed one of its key goals was to drive the “mass adoption of stablecoins and decentralized finance.”

“We want U.S.-pegged stablecoins to remain the world’s settlement layer for the next 100 years,” the account wrote. 

There have been growing concerns that the US dollar could lose dominance as the world’s reserve currency and go-to for international transactions and commodity trades.

The intergovernmental organization “BRICS,” which comprises Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates, has added to the fears by pushing for commodity trades using currencies other than the US dollar. 

Meanwhile, stablecoin market capitalization, excluding algorithmic stablecoins, has already experienced nearly 12 months of consecutive growth, reaching a new all-time high of $169 billion on Sept. 5, according to DefiLlama.

The five largest stablecoins by market cap are all US-dollar pegged stablecoins. 

Along with bullish comments about stablecoins, the project has teased a partnership and collaboration with DeFi protocol Aave, possibly indicating World Liberty Financial will be built on the Ethereum blockchain. 

In the last 24 hours, the price of Aave on CoinMarketCap has risen over 9% to $133.04, up from its Sept. 4 low of $116.99. 

According to World Liberty Financial, the project will be more than just “another hostile fork” because history shows “those don’t work.”

The project also claimed to be working with “top security experts” who have reviewed its  coding to help them utilize “best practices.” 

Donald Trump has previously made several cryptic posts concerning World Liberty Financial, vaguely positioning it as a service that will help users circumvent traditional banking and establish the United States as the “crypto capital” of the world.

DeFi project a target for hackers 

So far, those linked to the venture have faced an onslaught from hackers and scammers.

On Aug. 8, Eric Trump had to clarify that a Restore the Republic (RTR) memecoin was in no way affiliated with the project after it surged $155 million within hours of its debut based on a rumor that it was part of World Liberty Financial.

On Aug. 30, the official World Liberty Financial Telegram group had to denounce a series of fake ads and giveaways attempting to profit from hype around the project. 

Scammers also managed to hack Lara and Tiffany Trump’s X accounts on Sept. 4 and posted sham links claiming to be connected to World Liberty Financial.

Source: https://cointelegraph.com/news/trump-family-defi-project-ensure-us-dollar-dominance