Former President Donald Trump’s upcoming cryptocurrency project, World Liberty Financial, expressed its commitment to promoting the mass adoption of dollar-pegged stablecoins to uphold U.S. financial supremacy.
What Happened: On Wednesday, the team behind the hotly-anticipated decentralized finance (DeFi) initiative outlined its mission of making the cryptocurrency derivatives of the U.S. dollar the world’s settlement layer for the next 100 years.
“By spreading U.S.-pegged stablecoins around the world, we ensure that the U.S. dollar's dominance continues, securing America's financial leadership and influence on the global stage,” World Liberty Financial wrote in an X post. “Our mission is crystal clear: Make crypto and America great by driving the mass adoption of stablecoins and decentralized finance.”
“We know the magnitude of what we're building and its potential impact on both crypto and our country, especially with the upcoming elections.”
The project also responded to reports of security concerns, adding that they have roped in some of the best cybersecurity firms. “Our code has been thoroughly reviewed by these industry leaders. We are utilizing best practices and making user security our primary concern.”
WLFI also announced a collaboration with leading borrowing and lending platform, Aave AAVE/USD, debunking rumors that it was a hostile fork of the DeFi platform.
See Also: CFTC Fines Uniswap Labs $175,000 For Illegal Digital Asset Derivatives Trading
Why It Matters: The comments came in the wake of reports suggesting that the venture was modeled around Dough Finance, a DeFi platform that was recently hacked for over $2 million.
The Trump family has been aggressively promoting the project, earlier referred to as "digital real estate" by Trump's son, Eric, and one that would "shake up the world of banking and finance.
The family has repeatedly warned the community not to fall victim to fake projects and tokens that exploit the frenzy to defraud people.
In fact, hackers breached the social media accounts of Trump’s daughter, Tiffany, as well as his daughter-in-law, Lara Trump, broadcasting fraudulent messages about the upcoming project.
Price Action: AAVE, the native token of DeFi protocol Aave, jumped 8.61% in the last 24 hours, according to data from Benzinga Pro. Trump-themed Maga Coin was exchanging hands at $3.11, down 0.85% in the last 24 hours.
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