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Former US president and Republican candidate Donald Trump has announced the official launch date of World Liberty Financial, the decentralized finance (DeFi) platform that he and his family have teased for the past two months.
“Embracing the future with crypto and leaving slow and outdated big banks behind,” Trump said in a video posted on his X account. “Join me live on Twitter Spaces at 8 p.m. this Sept. 16 for the launch of World Liberty Financial.“
World Liberty Financial Reportedly Being Built On Ethereum And Aave
Over the last few weeks, Trump has made several cryptic posts concerning World Liberty Financial. With these posts, he vaguely positioned the project as a DeFi platform with a focus on lending and borrowing.
The project’s whitepaper reportedly says the platform will be built on top of Aave and the Ethereum blockchain. It will also center around a “credit account system.”
There have also been mentions of a non-transferrable governance token that will give users voting rights on the platform.
A Push To Protect The Dollar’s Dominance Through Fiat-Backed Stablecoins
The Trump family aims to bolster the global dominance of the US dollar, which it believes is “under attack,” through the World Liberty Financial platform.
“By spreading U.S.-pegged stablecoins around the world, we ensure that the U.S. dollar’s dominance continues, securing America’s financial leadership and influence on the global stage,” the project said in a Sept. 4 thread on X.
[6/7] By spreading U.S.-pegged stablecoins around the world, we ensure that the U.S. dollar’s dominance continues, securing America’s financial leadership and influence on the global stage. 🇺🇸💰
— WLFI (@worldlibertyfi) September 4, 2024
Concerns over the dollar’s ability to retain its global dominance stem partly from the rise of BRICS, an alliance of nations including Brazil, Russia, India, China, and South Africa that are promoting international payments in other currencies. Iran, Egypt and the UAE have also joined the alliance recently.
In response to the perceived threat posed by BRICS, World Liberty Financial will aggressively promote stablecoins that are pegged to the dollar.
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