Trump-backed crypto project World Liberty Financial touts security partners, expresses interest in stablecoins

World Liberty Financial, the crypto project backed by former President Donald Trump, said on Wednesday, both that it is making security a top concern and it wants to drive adoption of stablecoins.

"We’re not taking any chances. We’re working with the top security experts in the world— Zokyo, Fuzzland, PeckShield, BlockSecTeam, and more," the project posted in its Telegram channel. "Our code has been thoroughly reviewed by these industry leaders. We are utilizing best practices and making user security our primary concern." 

Multiple times since Trump’s sons, Donald Trump Jr. and Eric Trump, began teasing the announcement of a new decentralized finance project, the two have warned against scams or fraudsters pretending to be associated with their father or working for World Liberty Financial.

There have been at least two examples where the Trump sons' fears appeared to be warranted, including an apparent “pump and dump” scheme. Then, on Tuesday, Lara and Tiffany Trump’s X accounts appeared to have been hacked so that posts promoting a token purporting to be associated with World Liberty Financial could be shared.

More mission details

In Wednesday’s Telegram post, the project also provided more details related to its mission: "We’re not just another hostile fork of Aave. History shows those don't work. We’re working with Aave, collaborating to create a platform that sets new standards and pushes all of DeFi forward. This is a partnership to build something truly transformative," World Liberty Financial said.

New details related to World Liberty Financial also emerged on Tuesday as CoinDesk reported that according to a whitepaper, the project will be built on Aave and Ethereum and center around a "credit account system.” The team also plans to issue a "non-transferable" governance token called WLFI. 

World Liberty Financial may have also been moved to share details related to its security measures on Wednesday, considering CoinDesk’s report also said the project was inspired by the DeFi protocol Dough Finance, which was hit with a $1.8 million flash loan attack in July.

Stablecoins

Overall, World Liberty Financial’s messaging has been vague, if not confusing. Last week, Trump posted to X that later in the day, he would unveil a plan to ensure the United States is the “crypto capital of the planet,” but then the former president never posted anything more that day related to the DeFi project.

For what appears to be the first time, on Wednesday, World Liberty Financial said that it was not only interested in DeFi but also USD-pegged stablecoins.

“We want U.S.-pegged stablecoins to remain the world’s settlement layer for the next 100 years. The U.S. dollar has been the backbone of global finance for decades, but it’s now under attack by foreign nation-states,” the project said. “By spreading U.S.-pegged stablecoins around the world, we ensure that the U.S. dollar’s dominance continues, securing America’s financial leadership and influence on the global stage.”