Trump Preparing to Release New Stablecoin

Donald Trump launched his cryptocurrency venture World Liberty Financial earlier in October and is looking to launch a US-backed stablecoin as well to go with it.

This new stablecoin could be used in place of the US dollar, as it will keep a value that is 1:1 with that fiat currency. That would place it alongside similar coins like Tether (USDC) or USD Coin (USDC). These leading stablecoins have done very well in recent years and are often used in place of US dollars or other payment methods in transactions involving buying and selling.

Stablecoins have become increasingly popular in recent years, and a number of payment services are beginning to offer their own version or have their own stablecoins in the works. Coinbase, Robinhood, and PayPal are all working on stablecoins that will be competing with Tether and perhaps a new coin tied to Donald Trump’s World Liberty Financial.

When Will It Launch?

As of right now, the stablecoin has not been released but is still being developed. One source spoke out to say that the team behind the coin would be working to make the coin safe before it hits the market. The problems with too much anonymity and a lack of transparency make new crypto coins troublesome. There are always concerns that new coins could be used to exploit people or could be used to facilitate illegal activities, and that would spot the US government’s record.

This coin will also have to be backed by financial assets, and that financial backing will need to be secured before it can be launched. Otherwise, it would fail the test of a stablecoin and would quickly fall apart. In order to be sustainable, the coin would need to compete with long-lived stablecoins like Tether and USDC, and it will require extensive planning and considerable resources to make this new stablecoin a viable contender the people will actually want to use.

Donald Trump stands to make a hefty profit from the coin once it launches, so there are more reasons for him to want this project to happen than to simply show support for cryptocurrency.