The team behind World Liberty Financial, a decentralized finance (DeFi) project backed by former President Donald Trump, has unveiled their vision for a crypto-powered America. Their strategy? Promote the use of US dollar-backed stablecoins as the key to strengthening the US economy and making it a global financial powerhouse.
In a live stream on X Spaces, Zak Folkman, a founding member of World Liberty Financial, outlined the project’s core principles. Inspired by Donald Trump’s vision for financial accessibility and economic prosperity, the team believes stablecoins are the ideal solution to achieve these goals.
“Through stablecoins, we can in fact make the dollar not only strong but make it safe as the world’s reserve currency for the next 5000 years,” Folkman stated. He emphasized the advantages of stablecoins, particularly their stable value and 1:1 redemption feature, which allows for easy conversion back to US dollars.
“We really believe that’s the best way to make America great through crypto,” Holkman stated. “It’s not through speculating on risky assets.”
Folkman further highlighted the accessibility of stablecoins for everyday transactions: “Nobody’s gonna walk into a store and figure out ok, my groceries are $230, how many Satoshis is that? It just doesn’t make sense,” he added, referencing the volatility of Bitcoin.
The project, which launched last month, aims to raise $300 million through an initial token sale, offering 20% of its governance token, WLFI, at a $1.5 billion fully diluted valuation. The sale is set to begin on Tuesday.
However, the project has attracted criticism from prominent figures in the cryptocurrency space. Mark Cuban, a vocal crypto advocate and Trump critic, questioned the rationale behind the project, stating, “I’ll let this stand on its own.”
World Liberty Financial’s strategy to utilize stablecoins is undoubtedly a bold move in the evolving landscape of cryptocurrency. Whether this approach will indeed lead to “making America great again” remains to be seen, but it certainly has ignited debate in the crypto community and beyond.
