The group behind World Liberty Monetary, an upcoming crypto venture promoted by the Trump household, stated Wednesday that the DeFi platform goals to take care of international U.S. greenback supremacy by using stablecoins.
The revelation comes after CoinDesk reported {that a} leaked white paper for the venture particulars a borrowing and lending platform paying homage to Dough Finance, a not too long ago hacked protocol. The report steered that World Liberty Monetary hails from a number of Dough group members, and would apparently reuse code from the breached protocol.
“Our mission is crystal clear: Make crypto and America nice by driving the mass adoption of stablecoins and decentralized finance,” World Liberty Monetary stated in a Twitter thread. “We wish U.S.-pegged stablecoins to stay the world’s settlement layer for the subsequent 100 years.”
The group explains within the thread that the U.S. greenback is “below assault” by overseas nation-states, after being the “spine of worldwide finance for many years.”
[1/7] 🚨 Rumors are flying, however right here’s the true story behind World Liberty Monetary (WLFI). We all know the magnitude of what we’re constructing and its potential impression on each crypto and our nation, particularly with the upcoming elections. 🇺🇸
— WLFI (@worldlibertyfi) September 4, 2024
Some consultants imagine that de-dollarization is imminent, as a result of emergence of main international locations Brazil, India, China, South Africa, and Russia becoming a member of forces to doubtlessly launch a rival to the U.S. greenback, in addition to the greenback’s share of monetary trade reserves hitting file lows.
World Liberty Monetary goals to sort out this existential American concern. How precisely this can be accomplished remains to be unclear, nonetheless the white paper reviewed by CoinDesk steered it would embrace a “credit score account system” for decentralized borrowed and lending.
As famous, the report additionally claimed that World Liberty Monetary lifted code immediately from the not too long ago exploited Dough Finance. It is a declare that the Trump-backed venture apparently makes an attempt to reject, as an alternative mentioning using crypto lending protocol Aave.
“We’re not simply one other hostile fork of Aave. Historical past exhibits these do not work,” the thread notes. “We’re working with Aave, collaborating to create a platform that units new requirements and pushes all of DeFi ahead. This can be a partnership to construct one thing actually transformative.”
Aave didn’t instantly reply to Decrypt’s request for remark.
“To those that are skeptical or listening to the noise: Our plan will converse for itself,” World Liberty Monetary stated within the thread, “The brightest minds in crypto are backing us, and what’s coming will make all doubters suppose twice.”
The thread names safety companies Zokyo, Fuzzland, PeckShield, and BlockSec as the businesses which have audited the venture’s code.
This comes after Donald Trump’s eldest sons—Eric and Donald Jr.—teased a “enormous” crypto announcement final month. The hype led to quite a few scams, together with a meme coin that pumped and dumped. After this, the sons confirmed it might lean into decentralized finance and won’t be a meme coin.
Since then, members of the Trump household—Donald included—have been teasing and selling the venture initially referred to as “The DeFiant Ones,” however not too long ago rebranded to World Monetary Liberty.
“Keep tuned. That is just the start,” the thread completed. “We’re right here to win, and we’re right here to vary the sport. Let’s make DeFi, and America, nice once more.”
Edited by Andrew Hayward
