World Liberty Financial Inc. (WLFI), a DeFi protocol associated with Republican presidential candidate Donald Trump, is planning the launch of its own native stablecoin, according to a recent report. This announcement comes shortly after WLFI appointed Rich Teo, co-founder of Paxos, to spearhead its stablecoins and payments department. As noted by Decrypt, the project is still in the planning stages with significant focus on ensuring consumer safety for the stablecoin.
The team, which includes Trump’s sons, Donald Trump Jr. and Eric Trump, is working on foundational aspects of the project before introducing the stablecoin. Alongside this, the team is also engaged with other critical components of the protocol. The timing of WLFI’s stablecoin ambitions is notable, given ongoing scrutiny of Tether, the world’s largest stablecoin, which recently faced reports of a US Justice Department investigation—a claim Tether’s management has denied.
Moreover, WLFI has faced its own controversies since its announcement, including questions surrounding its business model and the distribution of tokens, with critiques indicating a lack of accessibility for average investors. These issues cast uncertainty on whether WLFI’s stablecoin will gain favorable reception within the crypto community.
