Donald Trump — has found a brand new playground, and it’s not a golf course or a actuality present set. It’s the wild, wild world of cryptocurrency.
Donald Trump and his sons are diving headfirst into the cryptocurrency world, they usually’re not doing it quietly. Their group, World Liberty Monetary (WLF), is launching its very personal stablecoin, USD1, in a transfer that has critics elevating eyebrows and buyers reaching for his or her wallets.
The timing couldn’t be extra strategic — with Trump advocating for crypto-friendly insurance policies, the previous president appears to be turning Washington into his private blockchain playground.
USD1 isn’t simply one other coin; it’s WLF’s flagship product. Pegged to the US greenback and backed by short-term US Treasuries and different money equivalents, USD1 guarantees stability with a facet of Trump pizzazz. WLF claims their strategy to stablecoins is “conservative” and designed to enchantment to institutional buyers cautious of the Wild West vibe of different crypto initiatives.
Zach Witkoff, co-founder of WLF and son of Steve Witkoff (Trump’s Center East envoy), overestimated USD1 as providing what “algorithmic and nameless crypto initiatives can’t — entry to the ability of [decentralized finance] underpinned by the credibility and safeguards of essentially the most revered names in conventional finance.” Credibility? Safeguards? In crypto? Daring claims certainly.
This isn’t Trump’s first crypto rodeo. Earlier this month, experiences surfaced {that a} separate Trump-backed memecoin referred to as $TRUMP raked in $350 million regardless of having zero intrinsic worth.
Critics have questioned whether or not Trump’s twin function as a crypto advocate and policymaker creates conflicts of curiosity — however…
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