Trump Crypto Project Aims to Maintain US Dollar Supremacy With Stablecoins

The team behind World Liberty Financial, an upcoming crypto project promoted by the Trump family, said Wednesday that the DeFi platform aims to maintain global U.S. dollar supremacy through the use of stablecoins.

The revelation comes after CoinDesk reported that a leaked white paper for the project details a borrowing and lending platform reminiscent of Dough Finance, a recently hacked protocol. The report suggested that World Liberty Financial hails from multiple Dough team members, and would apparently reuse code from the breached protocol.

“Our mission is crystal clear: Make crypto and America great by driving the mass adoption of stablecoins and decentralized finance,” World Liberty Financial said in a Twitter thread. “We want U.S.-pegged stablecoins to remain the world’s settlement layer for the next 100 years.”

The team explains in the thread that the U.S. dollar is “under attack” by foreign nation-states, after being the “backbone of global finance for decades.”

[1/7] 🚨 Rumors are flying, but here’s the real story behind World Liberty Financial (WLFI). We know the magnitude of what we’re building and its potential impact on both crypto and our country, especially with the upcoming elections. 🇺🇸

— WLFI (@worldlibertyfi) September 4, 2024

Some experts believe that de-dollarization is imminent, due to the emergence of major countries Brazil, India, China, South Africa, and Russia joining forces to potentially launch a rival to the U.S. dollar, as well as the dollar’s share of financial exchange reserves hitting record lows.

World Liberty Financial aims to tackle this existential American issue. How exactly this will be done is still unclear, however the white paper reviewed by CoinDesk suggested it will include a “credit account system” for decentralized borrowed and lending.

As noted, the report also claimed that World Liberty Financial lifted code directly from the recently exploited Dough Finance. It’s a claim that the Trump-backed project apparently attempts to reject, instead mentioning the use of crypto lending protocol Aave.

“We’re not just another hostile fork of Aave. History shows those don’t work,” the thread notes. “We’re working with Aave, collaborating to create a platform that sets new standards and pushes all of DeFi forward. This is a partnership to build something truly transformative.”

Aave did not immediately respond to Decrypt’s request for comment.

“To those who are skeptical or listening to the noise: Our plan will speak for itself,” World Liberty Financial said in the thread, “The brightest minds in crypto are backing us, and what’s coming will make all doubters think twice.”

The thread names security firms Zokyo, Fuzzland, PeckShield, and BlockSec as the companies that have audited the project’s code.

This comes after Donald Trump’s eldest sons—Eric and Donald Jr.—teased a “huge” crypto announcement last month. The hype led to a number of scams, including a meme coin that pumped and dumped. After this, the sons confirmed it would lean into decentralized finance and will not be a meme coin.

Since then, members of the Trump family—Donald included—have been teasing and promoting the project originally called “The DeFiant Ones,” but recently rebranded to World Financial Liberty.

“Stay tuned. This is just the beginning,” the thread finished. “We’re here to win, and we’re here to change the game. Let’s make DeFi, and America, great again.”

Edited by Andrew Hayward

Source