Trump Owned ‘World Liberty Financial’ About to Launch Native Stablecoin as Bitcoin Crosses the $70,000 Mark

World Liberty Financial, the Trump-owned crypto project, is making plans to launch and issue its own native stablecoin amidst the preparation for the November presidential poll, reveals insider sources.

Should this happen, it will be a bold move by the project, which initially got $14 million in the sale of its token. The stablecoin is expected to be attached to the US dollar, which will ensure its stable market value. 

Sources say that the safety of the stablecoin for investors is still receiving finishing touches and has to be completed before its introduction to the market.

Although World Liberty Financial is working on other projects, its recent moves show a likelihood of issuing a stablecoin in the near future. For instance, a few weeks ago, the co-founder of Paxos was made head of stablecoin and payment at World Liberty Financial. Paxos is a stablecoin issuing company. 

With this project, the Republican presidential candidate and his partners would hope to rake in high returns in the face of potentially high risks. The plan to go into stablecoins has attracted another wave of appraisal and criticism after WLF’s initial announcement to launch an Ethereum-based platform that will lend and borrow assets to users. 

In a related news, a phenomenon analysts describe as the “Trump trade” has seen Bitcoin beat the $70,000 resistance level and is currently trading at $71,000 as of Tuesday, 29th of October 2024.

Analysts believe that, among other factors, a heightened belief in Trump’s victory in the coming election was responsible for Bitcoin’s appreciation. Analysts at Bitfinex claim that in addition to the narrative of Trump’s anticipated victory, the effect of a pleasant Q4 also interacted with market forces to create a price storm for BTC. Despite these, analysts at QCP Capital anticipate increased market volatility during the election week.