Trump Family’s DeFi Project Champions US-Pegged Stablecoins as Global Settlement Solution

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

September 5, 2024 00:54 EDT

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The Trump family’s DeFi venture, World Liberty Financial, on Wednesday proposed US-pegged stablecoins for broader adoption, despite initially providing limited details on what it hopes to achieve.

The team declared on its official Telegram channel their intention to ensure US-pegged stablecoins serve as the global settlement layer for the next century.

“The US dollar has been the backbone of global finance for decades, but it’s now under attack by foreign nation-states,” it said.

“By spreading US-pegged stablecoins around the world, we ensure that the U.S. dollar’s dominance continues, securing America’s financial leadership and influence on the global stage,” the team added.

Trump DeFi Project Enlists Security Firms for Code Review

World Liberty Financial has brought on security partners like Tokyo, Fuzzland, Peckshield and BlockSecTeam for its project. These partners have also reviewed its code.

Additionally, the project revealed its goal of building a decentralized financial system using Aave’s non-custodial lending platform. Aave was last up 10% on the day.

“We’re not just another hostile fork of Aave. History shows those don’t work,” the statement said.

World Liberty Financial Could Resemble Dough Finance

Reports suggest that World Liberty Financial, the upcoming DeFi project, may resemble Dough Finance in structure. Dough Finance aimed to simplify DeFi for newcomers by offering an easy-to-use platform for yield farming, liquidity, and lending.

If World Liberty Financial follows this model, it would likely provide a user-friendly interface for DeFi operations, requiring minimal blockchain knowledge. However, given Dough Finance’s history, World Liberty Financial could face similar security concerns, especially if it uses Dough’s original code.

Separately on Tuesday, hackers took over the X accounts of Trump’s daughter-in-law and daughter to promote a token allegedly tied to World Liberty Financial.