According to an article cited by Decrypt, World Liberty Financial, a cryptocurrency project supported by former US President Donald Trump, plans to create and issue its own stablecoin. The stablecoin in the project is currently still under development and may take some time to be launched. An insider revealed that the World Liberty team is still studying how to ensure the security of the financial product before it is introduced to the market. Another insider stated that the team is synchronously developing the main components of the World Liberty project, including the stablecoin, to ensure that such functions can be launched at the appropriate time.
Earlier this month, World Liberty announced that Rich Teo, co-founder of stablecoin issuer Paxos, would serve as their head of stablecoin and payments. According to an article published by World Liberty, the company plans to launch “a powerful and global decentralized finance (DeFi) protocol aimed at bringing permissionless and peer-to-peer digital asset systems to everyone.” The protocol is expected to operate on Ethereum and the second-layer network Scroll, based on its governance platform’s approval process.
World Liberty initiated the sale of governance token WLFI on October 15th, and Trump recorded a promotional video for this. According to official data, World Liberty has only sold 956.96 million WLFI tokens worth $14.35 million (with a token price of $0.015) so far, accounting for only 4.7% of the total 20 billion tokens ($300 million) reserved for public sale.
Related report: “WLF White Paper: Trump Family Can Receive 75% of Protocol Revenue Without Any Responsibility”