World Liberty, an encryption project supported by Trump, reportedly will issue stable currency
According to the report of insiders quoted by Decrypt, World Liberty Financial, a cryptocurrency project supported by former US President Donald Trump, plans to create and issue its own stable currency.
The planned stablecoin is still under development and may take some time to be launched. A source familiar with the matter revealed that the World Liberty team is still researching how to ensure the safety of the financial product before it is launched into the market. Another informed source stated that the team is synchronously developing the main project components of World Liberty, including stablecoins, to ensure that 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 stablecoin and payment leader.
According to an article published by World Liberty, the company plans to launch "a powerful and global decentralized finance (DeFi) protocol with the goal of bringing permissionless and peer-to-peer digital asset systems to everyone," which is expected to run on Ethereum and the second layer network Scroll according to its governance platform's approval process.
World Liberty launched the sale of WLFI, the governance token, on October 15. Trump also recorded a promotional video for this purpose. According to official data, so far, World Liberty has only successfully sold 956.96 million WLFI tokens worth $14.35 million (each token sold for $0.015), which only accounts for 4.7% of the total 20 billion tokens ($300 million) reserved for public sale by the project.
Related report: WLF White Paper: The Trump Family Can Get 75% of the Agreement Revenue and Don't Bear Any Responsibility
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