Former president From Donald Trump upcoming cryptocurrency project, Global financial freedom, He expressed his commitment to promoting the mass adoption of dollar-pegged stablecoins to defend US financial supremacy.
What happened:On Wednesday, the team behind the highly anticipated decentralized finance (DeFi) initiative outlined its mission to make U.S. dollar cryptocurrency derivatives the world's settlement layer for the next 100 years.
“By spreading US-pegged stablecoins around the world, we ensure that the US dollar’s dominance continues, securing America’s financial leadership and influence on the global stage,” World Liberty Financial wrote in a post on X. “Our mission is crystal clear: Make Crypto and America Great by driving mass adoption of stablecoins and decentralized finance.”
“We know the magnitude of what we are building and its potential impact on both crypto and our country, especially with the upcoming elections.”
The project also responded to reports of security issues, adding that they have engaged some of the best cybersecurity firms. “Our code has been thoroughly reviewed by these industry leaders. We are using best practices and making user safety our primary concern.”
WLFI also announced a collaboration with leading lending and borrowing platform, Ghost AAVE/USDdebunking rumors that it was a hostile fork of the DeFi platform.
See also: CFTC fines Uniswap Labs $175,000 for illegally trading digital asset derivatives
Why is it important?The comments came in the wake of reports suggesting the company had been modelled around… Mass financea DeFi platform that was recently hacked and lost over $2 million.
The Trump family has been aggressively promoting the project, previously dubbed “digital real estate” by Trump's son Eric, that would “shake up the world of banking and finance.”
The family has repeatedly warned the community not to fall victim to fake projects and tokens that exploit the frenzy to defraud people.
In fact, hackers breached the social media accounts of Trump's daughter, Tiffanyas well as his daughter-in-law, Lara Trumpspreading fraudulent messages about the upcoming project.
Price action:AAVE, the native token of the DeFi protocol Aave, rose by 8.61% in the last 24 hours, according to Data from Benzinga ProTrump themed Maga coin was trading at $3.11, down 0.85% in the last 24 hours.
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