Trump's stablecoin plans 🪙

The Donald Trump-backed World Liberty Financial is devising its own stablecoin, sources tell Decrypt. Here's why it's a big deal.

Author

Andrew Hayward
October 28, 2024

📝 What you need to know

World Liberty Financial, the Donald Trump-backed DeFi platform, is planning to launch its own stablecoin, Decrypt has learned. Sources familiar with the firm’s plans said that World Liberty plans to create and issue its own stablecoin, or a crypto token typically pegged to a fiat currency (like the U.S. dollar) and backed by collateral assets.

Stablecoins like Tether’s USDT and Circle’s USDC are among the most-traded cryptocurrencies, as they’re used by crypto traders to quickly enter and exit trades without worrying about volatility. They’re also critical on- and off-ramps between traditional financial markets.

But the prospect of a platform backed and promoted by Trump—who could well be elected to a second presidential term next week—carries with it added legal and ethical concerns. It also could be a massively profitable move for the World Liberty team, given how critical stablecoins are to the crypto economy.

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