The team behind World Liberty Financial, a new crypto project backed by the Trump family, announced their goals on Wednesday. They aim to maintain the global dominance of the U.S. dollar using stablecoins.
This news follows a report from CoinDesk about a leaked white paper. It outlines a borrowing and lending platform that resembles Dough Finance, a protocol that was recently hacked. The report suggests that World Liberty Financial includes several former members of the Dough team and plans to reuse some of their code.
In a Twitter thread, World Liberty Financial stated, “Our mission is crystal clear: Make crypto and America great by driving the mass adoption of stablecoins and decentralized finance.” They want U.S.-pegged stablecoins to be the world’s settlement layer for the next century.
The team believes the U.S. dollar is “under attack” from foreign nations. For decades, it has been the backbone of global finance.
Some experts warn that de-dollarization may be near. Countries like Brazil, India, China, South Africa, and Russia are working together to potentially create an alternative to the U.S. dollar. Meanwhile, the dollar's share of financial reserves is hitting record lows.
World Liberty Financial aims to address this critical issue. The details of their approach are still unclear, but the leaked white paper hinted at a “credit account system” for decentralized borrowing and lending.
The report also claimed that World Liberty Financial borrowed code directly from Dough Finance. However, the project seems to reject this claim, emphasizing their collaboration with the crypto lending protocol Aave.
They stated, “We’re not just another hostile fork of Aave. History shows those don't work.” Instead, they are working with Aave to create a platform that sets new standards in DeFi.
Aave has not yet responded to requests for comment.
World Liberty Financial added, “To those who are skeptical or listening to the noise: Our plan will speak for itself.” They assert that some of the brightest minds in crypto support them, and what’s coming will make doubters reconsider.
The thread also mentioned several security firms, including Zokyo, Fuzzland, PeckShield, and BlockSec, which have audited the project’s code.
This announcement follows a teaser from Donald Trump’s sons, Eric and Donald Jr., about a “huge” crypto announcement last month. Their hype led to scams, including a meme coin that experienced a pump and dump. They later confirmed that this project would focus on decentralized finance, not a meme coin.
Since then, members of the Trump family, including Donald Trump, have been promoting the project, which was originally called “The DeFiant Ones” but has now rebranded to World Liberty Financial.
They concluded their thread with a promise: “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.”