According to a report by Decrypt citing informed sources, former U.S. President Donald Trump-supported cryptocurrency project World Liberty Financial plans to create and issue its own stablecoin. The stablecoin is currently under development and may take some time before its launch. One insider revealed that the World Liberty team is still researching how to ensure the safety of the financial product before it is brought to market. Another insider indicated that the team is concurrently developing the main components of the World Liberty project, including the stablecoin, to ensure such features can be launched at the appropriate time.
Earlier this month, World Liberty announced that Rich Teo, co-founder of stablecoin issuer Paxos, will 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 a permissionless and peer-to-peer digital asset system to everyone,” and the protocol is expected to operate on Ethereum and the layer two network Scroll based on its governance platform’s approval process.
World Liberty launched the sale of its governance token WLFI on October 15, with Trump recording a promotional video for the initiative. According to official information, so far, World Liberty has successfully sold 956.96 million WLFI tokens, valued at 14.35 million USD (with each token priced at 0.015 USD), which accounts for only 4.7% of the total 20 billion tokens reserved for public sale (300 million USD) for the project. Related report: “WLF White Paper: Trump Family to Receive 75% of Agreement Revenue with No Liability”
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