🚨 Stablecoin Showdown: Trump Ties and Unrealized Losses 🚨
World Liberty Financial, the Trump family’s pet project, officially launched its USD1 stablecoin today, because who needs a functioning economy when you can have a stablecoin, right? 🤷♂️
WLFI claimed its stablecoin reserves will contain other cash equivalents, but let’s be real, it’s just a fancy way of saying “we’re hiding our losses in a pile of worthless tokens.” 🤣
World Liberty Financial Enters the Stablecoin Market with a Thud
WLFI, the token project with more connections to the Trump family than a family reunion at the White House, has been making some… interesting moves lately. 🤔
Two weeks ago, there were whispers that WLFI would buy a stake in Binance and launch a new stablecoin. Today, it’s like the prediction came true, but only if you consider a stablecoin that’s already 20 days old a “new” thing. 🤷♂️
“WLFI today announced its plans to launch USD1, a stablecoin redeemable 1:1 for the US dollar. WLFI’s USD1 will be 100% backed by short-term US government treasuries, US dollar deposits, and other cash equivalents. Initially, USD1 tokens will be minted on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains,” WLFI’s press release read.
Although WLFI’s new stablecoin is native to BSC, Binance’s actual involvement remains unclear. Maybe CZ just likes the sound of his own voice, or maybe he’s just trolling us all. 🤣
WLFI’s token reserves are being custodied with BitGo, because what could possibly go wrong with that? 🤔
On one hand, this could be a big opportunity for crypto. Trump recently announced that stablecoins will play a pivotal role in promoting dollar dominance worldwide, and WLFI could take part in that initiative. Or, you know, it could just be a bunch of hot air. 🌪️
Tether may also be part of the bigger “stablecoin dollar dominance” plan, but WLFI is beating it to the punch. Because what’s a little competition between stablecoin projects, right? 🤣
“USD1 provides…access to the power of DeFi underpinned by the credibility and safeguards of the most respected names in traditional finance. We’re offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies,” claimed Steve Witkoff, WLFI co-founder and Trump’s diplomatic envoy.
Overall, the Trump family has been involved in several crypto projects lately. Just yesterday, Trump Media announced a partnership with Crypto.com, with plans to launch several ETFs. Because what’s a little more financial chaos, right? 🤪
In its statement, WLFI claimed that its stablecoin reserves will include “other cash equivalents” with no further elaboration. The firm claimed that it will allow third-party accounting firms to make regular audits, much like Tether has, no actual audit has happened in either case.
Although WLFI completed its token sale, its portfolio contains over $111 million in unrealized losses from other crypto investments. The firm is a prolific investor in various token projects; will it use these assets to build USD1’s reserves? These questions remain unanswered in the launch announcement. 🤔
And that’s the latest from the world of stablecoins, folks! Because who needs a stable economy when you can have a stablecoin? 🤣
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2025-03-25 19:41