Donald Trump has announced that his cryptocurrency project, World Liberty Financial, is set to launch on September 16, 2024. The initiative, which is led by Trump’s sons, Eric Trump and Donald Trump Jr., along with 18-year-old Barron Trump as the project’s “DeFi visionary,” aims to provide an alternative to traditional banking systems through decentralized finance (DeFi) solutions.
“Join me live on Twitter spaces at 8 pm on September 16 for the launch of World Liberty Financial,” on a live video. “We are embracing the future with crypto and leaving the slow and outdated big banks behind.”
The preliminary whitepaper suggests that World Liberty Financial will utilize a credit account system in collaboration with the DeFi platform Aave and the Ethereum blockchain, facilitating decentralized lending and borrowing.
Additionally, the project plans to introduce stablecoins pegged to the U.S. dollar, aiming to enhance the global distribution of U.S.-pegged stablecoins to maintain the dollar’s dominance
Donald Trump has significantly shifted his stance on cryptocurrency as he campaigns for the 2024 U.S. presidency. He now promises to make America the “crypto capital of the planet”.
Historically skeptical of cryptocurrencies, Trump previously referred to Bitcoin as a “scam” and expressed concerns about unregulated digital assets. However, he has recently embraced the crypto sector, stating that his administration would support crypto innovations and regulatory clarity if he returns to office.
In other news, Trump unveils plan to make America the global crypto capital
His campaign has begun accepting donations in cryptocurrency, and he has actively engaged with the crypto community, even attending a Bitcoin conference earlier this year.
The launch of World Liberty Financial is seen as a strategic move to appeal to younger voters and the growing crypto constituency, especially as Trump seeks to differentiate himself from current administration policies perceived as hostile to crypto.
Critics, however, raise concerns about potential conflicts of interest, as Trump could personally benefit from the success of his crypto venture while in office.
