Trump-backed World Liberty Financial aiming to form 'strategic' token reserve: report

World Liberty Financial co-founder Chase Herro said on Thursday that the platform plans on creating a “strategic reserve” with the tokens it buys, according to a report from Bloomberg.

The DeFi project is famously backed by President Donald Trump and his family. The president's son Donald Trump Jr. appeared on stage alongside Herro at the Ondo Summit in New York on Thursday.

World Liberty Financial bought $470,000 worth of Ondo Finance's token on Thursday, also according to Bloomberg. Herro didn't say what the reserve would be used for or how big it would be, also according to the report. During last year's presidential election, President Trump popularized the idea of creating a strategic bitcoin reserve.

Earlier this week, President Trump’s “crypto czar” David Sacks outlined the administration’s pro-crypto agenda including the plan to evaluate creating a strategic bitcoin reserve.

The project currently holds roughly $35 million in various tokens, an approximately 90% drawdown on its once sizable treasury after moving millions of dollars worth of tokens including AAVE, ENA, ETH, LINK and WBTC on Monday.