- Trump’s crypto project is set to launch its stablecoin.
- The Democratic candidate leads the election race.
As a seasoned researcher who has observed the dynamic interplay of politics and finance for decades, I find myself intrigued by the latest developments in the cryptocurrency world. The upcoming U.S. presidential election, coupled with former President Trump’s entry into the crypto realm, presents an interesting blend of established power structures and emerging technologies.
As the U.S. presidential election draws near, it’s said that the digital currency initiative by ex-President Donald Trump, known as World Liberty Financial [WLF], is gearing up to introduce a stablecoin tied to the American dollar.
According to insiders familiar with the project, there’s a possibility that the launch date for this new coin might get pushed back due to ongoing development processes.
Based on information revealed to Decrypt, the focus lies primarily on ensuring safety and adhering to regulations before releasing the stablecoin for public use.
Significantly, WLF recently tapped Richard Teo, one of the founders of stablecoin creator Paxos, suggesting that their shift towards a stablecoin could be a long-planned move.
Trump’s WLFI coin launch
In this new undertaking, we’re expanding upon the debut of our WLFI token. To kick things off, we pre-approved more than 100,000 qualified investors for potential participation, aiming high with a goal to gather $300 million through the initial token offering.
Nevertheless, as reported by AMBCrypto, the project did not meet its target. It managed to collect only $14 million, accounting for a mere 4.7% of the available tokens being purchased.
However, this didn’t dampen WLF’s aspirations. In a fresh governance plan, the team expressed their aim to create a new Aave v3 [AAVE] setup on the Ethereum [ETH] primary network, with a focus on enhancing stablecoin liquidity.
Furthermore, it also employs a revenue-distribution strategy aimed at expanding the user community of Aave while motivating new users within the DeFi sector.
Whales bet on Trump’s victory
In light of recent advancements, data uncovered by Lookonchain suggests that significant wagers have been placed by prominent investors on Donald Trump’s victory in the 2024 U.S. presidential election on the forecasting site, Polymarket.
A notable whale (represented by 0x94a428cfa4f84b264e01f70d93d02bc96cb36356) has just put in a million dollars of USDC, increasing the existing investment of five million dollars, which is directed towards stocks that support Trump’s election victory.
Additionally, it’s said that another digital whale (0xd235973291b2b75ff4070e9c0b01728c520b0f29) has taken out approximately $2 million USD from Binance to place bets in support of Trump. This recent wager brings the whale’s overall investment to a total of $7.22 million.
Election prediction markets: Trump vs. Harris
Over time, Polymarket’s data suggests that Donald Trump has approximately a 2/3 likelihood of prevailing in the approaching election.
Instead, it appears that Vice President Kamala Harris is facing some challenges, given her current position trailing at approximately 34.0%.
A possible Trump-endorsed digital currency could soon bring more connections between political power and the crypto world, as World Liberty Financial maneuvers through intricate regulatory issues.
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2024-10-29 16:10