Although the pre-sale of its WLFI token is currently struggling to convince, the Trump family's crypto project World Liberty Financial is reportedly working on launching its own stablecoin. What do we know?
World Liberty Financial could launch its own stablecoin
Since it was revealed to the general public, the World Liberty Financial (WLFI) crypto project, led by Donald Trump's sons, has attracted a lot of attention.
However, it is struggling to convince investors, with a presale of the token having only reached 4.8% of its objective at present, or $14.3 million in funding.
Despite everything, this does not seem to stop the World Liberty Financial teams from developing their ideas. Indeed, according to internal testimonies obtained by our colleagues at Decrypt, the creation and issuance of a stablecoin specific to the project would be under study.
As the company has not made any comment, we will not know more at this time, but it is important to note that Rich Teo, the co-founder of Paxos, was recruited earlier in October as head of stablecoins and payments. A clue can therefore be seen from this side.
Thus, it remains to be seen how this potential stablecoin would be constructed. Using the classic model of collateralization with real dollars and treasury bills, this could represent a significant source of revenue for the company. However, regulatory challenges will need to be met.
While World Liberty Financial still needs to prove itselfthe project made an important announcement a few weeks ago, consulting with the decentralized autonomous organization of Aave. Indeed, the objective would be to create a full-fledged instance on the protocol, to deploy its decentralized lending and borrowing services.
👉 Also in the news — US presidential elections: What impact on the memecoin market?
For now, WLFI has been sold to more than 16,500 different wallets. With the US election happening exactly a week from now, we'll be able to see how the results influence all of this.
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Sources: Decrypt, Dune
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
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