Donald Trump’s crypto project, World Liberty Financial, launches on Sept. 16. A DeFi platform with stablecoins, borrowing, lending, and governance tokens.
Donald Trump has announced that his cryptocurrency initiative, World Liberty Financial, is scheduled to launch on September 16. In a video posted on X, the former president and 2024 Republican presidential nominee unveiled his plans for this new venture. This project, which has garnered attention in the financial and political worlds, is positioned as a decentralized finance (DeFi) platform offering a range of services like borrowing, lending, and digital asset investments.
According to a white paper, World Liberty Financial will allow users to store funds in a digital wallet, access a credit account system, and both borrow and lend money. Users will also be able to invest in assets, including cryptocurrencies, through platform-issued tokens. Additionally, a nontransferable governance token has been introduced, allowing token holders to have a say in platform decisions.
The project has also made headlines for its ambition to promote the use of US dollar-pegged stablecoins in the DeFi space. Trump has expressed a positive stance on stablecoins, and there are hints of a partnership with Aave, a major DeFi protocol, suggesting that the platform may be built on the Ethereum blockchain.
Trump has earned substantial backing from the cryptocurrency community, promising clear regulations and stating his intention to replace the current SEC Chair, Gary Gensler, should he be elected president again. Gensler has led numerous enforcement actions against major crypto firms, which Trump has criticized.
The project will be managed by Trump’s sons, Donald Trump Jr. and Eric Trump. In his video, Trump stated, “We’re embracing the future with crypto and leaving the slow and outdated big banks behind.”
However, sentiment surrounding World Liberty Financial has been divided. Some have raised concerns about the timing of the launch, just 50 days before the election, and questioned the wisdom of such a major financial initiative while Trump is running for president. Nic Carter, a prominent Trump supporter and partner at Castle Island Ventures, referred to the project as a “huge mistake,” citing concerns about Trump’s inner circle “cashing in” on his recent support for cryptocurrency.
The venture has also faced challenges from scammers and hackers. On Sept. 4, the X accounts of Trump’s daughter-in-law, Lara Trump, and his daughter, Tiffany Trump, were compromised, with scammers posting fraudulent links related to World Liberty Financial. Similarly, on Aug. 30, the official Telegram group for World Liberty Financial had to issue a statement denouncing fake ads and giveaways exploiting the project’s hype. Further confusion arose when Eric Trump had to clarify on Aug. 8 that a newly launched memecoin, Restore the Republic (RTR), was not affiliated with World Liberty Financial, despite its rapid surge in value.
With anticipation building and mixed opinions circulating, all eyes are on Sept. 16, when the world will witness the debut of World Liberty Financial.
