World Liberty Financial, a company of cryptocurrencies founded by Donald J. Trump and his sons, announced on Tuesday that he was planning to sell a digital currency called Stablecoin and deepen the president’s financial links to the crypt because his administration releases industry enforcement.
Stablecoin would be known as USD1, company he wrote In a post on social media without revealing when it would be on sale. Stablecoins, a popular form of cryptocurrency, are designed to maintain a constant value of $ 1, which makes them useful for many types of crypto transactions.
“No games. No tricks. Just real stability,” world liberty published on its x account.
Stablecoin is the fourth digital currency, which Mr. Trump and his business partners have sold the public over the last year. World freedom already offers a cryptocurrency called WLFI. This month the company notified He sold $ 550 million of these digital coins. The business entity associated with Mr. Trump will receive a 75 % reduction in sales.
The days before his inauguration, Mr. Trump also began selling the so-called MEMECOIN-type of digital currency based on online joke or mascot celebrities. Melania Trump put her own memecoin on the same weekend.
And in recent months, Mr. Trump has begun to integrate crypto into his social media company, Trump Media & Technology Group, Truth Social. This week, Trump Media has announced that it will cooperate with the digital currency trading platform, to offer investment products bound to crypto.
Mr. Trump’s aggressive raids on the Krypto market came at the same time that its administration alleviates the recovery of crypto companies and regulates the regulations. His efforts to profit from the industry he oversee make a huge conflict of interest, with virtually no precedent in American history, government ethical experts said.
Stablecoin World Liberty’s Stablecoin increases the chaotic node of business conflicts. Congress considers legislation to regulate stablecoins that could reach Mr. Trump’s table before the end of the year. In a speech at a crypto conference this month, Mr. Trump called For “simple rules, common sense” for stablecoins and said it “expands the dominance of the US dollar”.
Stablecoins are usually supported by assets that the emitter holds in reserve. Every time users want to apply Stablecoin, they can go to the issuer and replace the digital coin with the equivalent of cash.
On Tuesday, World Liberty said he would support Stablecoin using short -term US state cash registers, dollars and other equivalents of funds.
“We offer digital stabnecoin in dollars that sovereign investors and main institutions can confidently integrate into their strategies for smooth and secure cross -border transactions,” said Witkoff, one of the founders of World Liberty and son Steve Witkoff.
The emphasis on international payments raises the prospect that foreign governments or business entities could take advantage of the coin to seize Mr Trump, said Corey Frayer, who worked on the policy in the Securities and Exchange Commission and Biden Administration.
“There are a lot of opacity and previous relationships with illegal financing,” Frayer said.
As soon as the crypto skeptic, Mr. Trump accepted the digital currencies last year on the campaign and promised to turn the US into the “crypto capital of the planet”. The industry spent tens of millions of dollars to support Mr. Trump and financing the congress candidates who talked about the crypt.
In September, Mr. Trump found Liberty together with his three sons, Donald Jr., Eric and Barron, as well as Steve and Zach Witkoff. The daily operations of the company were entrusted with two little known entrepreneurs Chase Herro and Zak Folkman, who have virtually no records in this industry.
World Liberty initially promised to create a crypto platform that would allow users to borrow and borrow in digital currencies. So far, however, the company has not introduced any products except WLFI and Stablecoin.
Over the past few months, the company has started to buy and has compiled supplies of cryptocurrencies that include Ether and less known coins such as SUI and Link.
On the recent panel, Mr. Herro said World freedom created “strategic reserve” of chips. He did not explain the final goal of the stock.
This idea had clear echoes of one of Mr. Trump’s initiatives in the White House – creating a US Bitcoin stock that he announced this month in executive order.
