WLF eyes stablecoin launch as Trump-linked whale bets surge
This new venture could bring heightened risks and potential rewards for the project.
- Trump’s crypto project is set to launch its stablecoin.
- The Republican candidate leads the election race.
With the U.S. presidential election less than a week away, former President Donald Trump’s cryptocurrency project, World Liberty Financial [WLF], is reportedly preparing to launch its own stablecoin pegged to the U.S. dollar.
Sources close to the project suggest that while the coin is still in development, its launch could be delayed.
According to insights shared with Decrypt, the team is prioritizing safety and regulatory compliance before bringing the stablecoin to market.
Notably, WLF appointed Rich Teo, co-founder of stablecoin issuer Paxos earlier this month. This indicated that the project’s pivot towards a stablecoin may have been in the works for some time.
Trump’s WLFI coin launch
This latest endeavor builds on the previous launch of the WLFI token. The project initially white-listed over 100,000 accredited investors with ambitious plans to raise $300 million from the initial token sale.
However, according to AMBCrypto, the initiative fell short. It amassed just $14 million, with only 4.7% of the tokens sold.
But this didn’t deter WLF’s ambitions. In a recent governance proposal, the project announced its intention to establish a new Aave v3 [AAVE] instance on the Ethereum [ETH] mainnet, focusing on stablecoin liquidity.
Additionally, it includes a revenue-sharing model to grow Aave’s user base and incentivize new DeFi users.
Whales bet on Trump’s victory
Amid these new developments, data from Lookonchain revealed that large investors were making substantial bets on Trump’s success in the 2024 U.S. presidential election on the prediction platform, Polymarket.
A prominent whale (0x94a428cfa4f84b264e01f70d93d02bc96cb36356), recently allocated $1 million USDC, adding to the $5 million already invested in shares favoring Trump’s election victory.
Similarly, another whale (0xd235973291b2b75ff4070e9c0b01728c520b0f29) has reportedly withdrawn over $2 million USDC from Binance for pro-Trump wagers. This latest bet has brought the whale’s total investment to $7.22 million.
Election prediction markets: Trump vs. Harris
As the clock ticks, data from Polymarket showed that Trump holds a 66.1% chance of winning the upcoming election.
Contrastingly, Vice President Kamala Harris’ odds don’t look so good as she trails behind with a 34.0% chance.
With a Trump-backed stablecoin potentially entering the market, the financial landscape may soon witness further intersections between political influence and cryptocurrency, as World Liberty Financial navigates complex regulatory waters.
