The team behind World Liberty Financial, a decentralized finance (DeFi) project backed by former President Donald Trump, stated that the best way to "Make "America Great" using cryptocurrencies was to encourage the usage of U.S. dollar-backed stablecoins rather than speculative, risky assets.
What happened: The team held a live stream via X Spaces Monday to give details about the widely-publicized project ahead of a token sale.
Zak Folkman, part of the founding team, said that the platform was inspired by the ideals envisioned by Donald Trump, which is to make financial opportunities accessible to everyone while at the same time supporting the U.S. economy
"Through stablecoins, we can in fact make the dollar not only strong but make it safe as the world’s reserve currency for the next 5000 years," Folkman said.
He emphasized several advantages of the cryptocurrency derivatives of the dollar, such as their stable value and the 1:1 redemption feature.
"We really believe that’s the best way to make America great through crypto," Holkman stated. "It’s not through speculating on risky assets."
"Nobody’s gonna walk into a store and figure out ok, my groceries are $230, how many Satoshis is that? It just doesn’t make sense," Zolkman added further, pointing toward Bitcoin BTC/USD.
Why It Matters: The much-touted DeFi project was launched by Trump last month, with the sale of the project's governance token WLFI set for Tuesday.
The project aims to raise $300 million from the initial sale of the token by offering 20% of the supply at a $1.5 billion fully diluted valuation.
Mark Cuban, a leading cryptocurrency advocate, and a Trump critic, questioned the rationale behind such a move, stating, "I’ll let this stand on its own."
Price Action: At the time of writing, Bitcoin was exchanging hands at $64,093.01, up 1.91% in the last 24 hours, according to data from Benzinga Pro.
Image via Wikimedia Commons
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