A new DeFi initiative promoted by Donald Trump and his family, World Liberty Financial, has announced its mission to strengthen the global dominance of the U.S. dollar through the adoption of stablecoins. The project’s team revealed on Wednesday that the platform seeks to maintain the dollar’s supremacy in global markets by leveraging decentralized finance (DeFi).
The announcement follows a report that surfaced detailing a leaked white paper for the project, which outlines a borrowing and lending system. This system is strikingly similar to that of Dough Finance, a protocol recently compromised by hackers. According to the report, several members of Dough’s team are involved in World Liberty Financial, raising concerns that the project may reuse some of the vulnerable code.
The Mission: Strengthening the U.S. Dollar via Stablecoins
World Liberty Financial has made its goals clear, stating: “Our mission is crystal clear: Make crypto and America great by driving the mass adoption of stablecoins and decentralized finance.” The platform aims for U.S.-pegged stablecoins to continue as the world’s primary settlement layer for the next century.
The team also addressed the broader geopolitical challenges facing the U.S. dollar, noting that foreign nation-states are challenging its global dominance. With countries like Brazil, India, China, South Africa, and Russia potentially working to launch a competitor to the dollar, some analysts believe de-dollarization may be imminent. World Liberty Financial sees this as an existential threat to America’s financial hegemony and seeks to counteract it.
Addressing Concerns About Dough Finance’s Involvement
The leaked white paper has sparked controversy, suggesting that World Liberty Financial might be recycling code from the compromised Dough Finance protocol. However, the Trump-backed project quickly addressed these concerns, emphasizing their collaboration with Aave, a widely-respected crypto lending protocol. “We’re not just another hostile fork of Aave. History shows those don’t work,” the project’s team stated. Instead, they describe their partnership with Aave as a transformative effort to push the DeFi space forward.
Aave has yet to comment on this collaboration. Meanwhile, World Liberty Financial has hired several security firms, including Zokyo, Fuzzland, PeckShield, and BlockSec, to audit its code.
The Trump Family’s Crypto Involvement
The Trump family has been actively promoting the project for some time. Last month, Donald Trump’s sons, Eric and Donald Jr., hinted at a major crypto-related announcement. This buildup generated excitement and unfortunately led to various scams, including a meme coin that experienced a pump-and-dump cycle.
The Trump family later confirmed that the project, initially named “The DeFiant Ones,” would focus on decentralized finance rather than being a meme coin. Recently, the project was rebranded as World Liberty Financial, with Donald Trump contributing to the promotion.
Looking Forward: The Future of World Liberty Financial
World Liberty Financial has assured skeptics that its vision will speak for itself. “The brightest minds in crypto are backing us, and what’s coming will make all doubters think twice,” the team said. As the project continues to evolve, the team promises to reshape the DeFi landscape and help maintain the U.S. dollar’s role as the backbone of global finance.
As the Trump family and their project continue to generate buzz, they assure supporters:
“Stay tuned. This is just the beginning. We’re here to win, and we’re here to change the game. Let’s make DeFi, and America, great again”
