According to a report by Decrypt citing insiders, World Liberty Financial, a cryptocurrency project supported by former US President Donald Trump, plans to create and issue its own stablecoin.
The stablecoin in the project is still under development and may take some time before it is launched. An insider revealed that the World Liberty team is still studying how to ensure the security of the financial product before it is introduced to the market. Another insider stated that the team is concurrently developing the main components of the World Liberty project, including the stablecoin, to ensure that such functionalities can be launched at the appropriate time.
Earlier this month, World Liberty announced that Rich Teo, co-founder of stablecoin issuer Paxos, would serve as their head of stablecoin and payments.
According to an article published by World Liberty, the company plans to launch “a powerful and global decentralized finance (DeFi) protocol aimed at bringing permissionless and peer-to-peer digital asset systems to everyone.” The protocol is expected to operate on Ethereum and the Layer 2 network Scroll, based on the approval process of its governance platform.
World Liberty initiated the sale of its governance token WLFI on October 15, with Trump recording a promotional video for it. According to official data, World Liberty has only sold 956.96 million WLFI tokens so far, worth $14.35 million (each token priced at $0.015), which accounts for only 4.7% of the total 20 billion tokens (worth $300 million) reserved for public sale.
Related report: “WLF Whitepaper: Trump family could receive 75% of protocol revenue without any liability.”
