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Everything We Know About Donald Trumps Upcoming Stablecoin

by Sham
October 28, 2024
in Crypto, Technology
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Everything We Know About Donald Trumps Upcoming Stablecoin
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  • Trump’s crypto project World Liberty Financial plans to launch its own stablecoin, a development that could lead to legal and ethical complications but also potentially massive profits.
  • Issuing a stablecoin would require World Liberty Financial to heavily collateralize the asset, likely requiring a large amount of capital that the project has so far struggled to raise.
  • If Trump is re-elected, he could gain leverage to get major crypto exchanges like Coinbase and Binance to list World Liberty Financial’s stablecoin, as those exchanges are currently facing SEC lawsuits threatening their operations.

Former President Donald Trump‘s controversial crypto project World Liberty Financial, which recently raised $14 million in an initial token sale, has plans to create and issue its own stablecoin, according to stablecoin sources familiar with the matter.

JUST IN: 🇺🇸 Donald Trump’s crypto project @worldlibertyfi is planning on launching its own stablecoin 👀

— BlockNews.com (@blocknewsdotcom) October 28, 2024

Details on Stablecoin Plans

The stablecoin, a type of cryptocurrency designed to hold a steady value, is still in development and could take some time to launch. The World Liberty team is determining how to make the financial product safe before bringing it to market.

Meanwhile, the team is working on major project components for World Liberty Financial including the stablecoin to ensure such features are ready to launch at the right moment.

Recent moves by World Liberty foreshadowed a potential stablecoin venture. Earlier this month, the project announced that Rich Teo, co-founder of stablecoin issuer Paxos, will serve as World Liberty’s stablecoin and payment lead.

Potential Benefits and Risks

Stablecoins allow crypto traders to park their funds in digital assets built to remain fixed at one price even when the crypto market fluctuates. They also function as dollar equivalents in restricted markets.

However, the legality of stablecoins remains contested in the United States. Issuing stablecoins could lead to legal and ethical complications.

Nevertheless, stablecoins could offer the World Liberty team immense profits. Revenue generated from stablecoins could boost World Liberty’s plans. But issuing a new stablecoin in an already crowded field is no easy task.

Trump’s Connections

Trump has connections to the world’s top stablecoin issuer Tether. Tether relies on Wall Street asset manager Cantor Fitzgerald to custody many of its assets in reserve. Cantor CEO Howard Lutnick currently co-chairs Trump’s transition team.

If Trump were re-elected, he would gain a uniquely powerful negotiating position with crypto exchanges like Coinbase and Binance that are currently in legal trouble with the SEC. Trump could potentially broker deals to make the asset widely available.

Trump’s Stance on Stablecoins

Though Trump and his crypto allies have eagerly espoused the benefits of stablecoins, they have also railed against the dangers of a central bank digital currency, which Trump has vowed to outlaw if re-elected.

decrypt.co

Conclusion

The prospect of Trump and his business partners issuing their own stablecoin brings with it both substantially heightened risks and the chance to reap even greater rewards. However, the venture faces major obstacles due to the contested regulatory landscape of stablecoins in the US.

Tags: Donald TrumpRich TeoStablecoinWorld Liberty Financial
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