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According to Decrypt, former President Donald Trump's crypto project World Liberty Financial plans to issue its own stablecoin.
The stablecoin is expected to be pegged to the US dollar. crypto-world-liberty-financial-stablecoin” target=”_blank” rel=”nofollow”>keep a stable value amid the volatility of the cryptocurrency market. Sources close to the project told Decrypt that World Liberty is still evaluating how to structure the coin securely before its launch.
This new venture follows World Liberty's recent $14 million initial token sale and coincides with the appointment of Paxos co-founder Rich Teo, who will oversee the development of the project's stablecoin.
On October 9, World Liberty Financial revealed through a ethereum-mainnet-proposal/19383″ target=”_blank” rel=”nofollow”>governance proposal their intention to launch a service as an Aave V3 instance on the ethereum (eth) mainnet. The Aave (AAVE) decentralized platform will serve as the backend for this initiative.
The proposal states that World Liberty Financial's Aave V3 instance will aim to improve stablecoin liquidity for ethereum and Wrapped bitcoin (WBTC), as well as contribute to the expansion of the Aave user community.
The proposed stablecoin marks a strategic shift for Trump's company, which has already made headlines with plans for an ethereum-based lending and lending platform.
Global financial freedom
Former President Donald Trump launched World Liberty Financial on September 16, positioning it as a decentralized financial platform aimed at empowering users, with Eric Trump and Donald Trump Jr. as “Web3 Ambassadors.”
However, skepticism has arisen about the project's legitimacy due to a governance token distribution that heavily favors insiders and ties to people associated with a recent blockchain hack.
Despite World Liberty Financial's bold social media statements, concerns about transparency and the project's unfinished white paper continue to raise questions among industry observers.
