Trump family's upcoming DeFi project aims to cement US dollar dominance via stablecoin revolution

WLFI seeks to counter the rise of alternative currencies from foreign nation-states and preserve the dollar's financial influence for the next century via stablecoins.

Former United States President Donald Trump announced the launch of World Liberty Financial’s (WLFI) whitelist process on Sept. 30. The platform also announced plans to work towards making the US dollar the “prominent currency” in the world for the next century.

According to the announcement, those interested in gaining early access to WLFI will be required to complete a know-your-customer (KYC) process to get on the whitelist. The platform’s website also states that there are currently no plans to launch a native token, and the whitelist does not mean there will be a token offer in any jurisdiction.

However, the platform also clarified that “if and when” a token is launched, it will be available to users who have completed the KYC process. The whitelisting process is open for accredited US investors and any non-US persons. US-based retail investors will not be able to participate in the process for now due to the regulatory landscape in the country.

The WLFI team attributed the limitation to “outdated policies and regulations in the US” and said it is working on overturning it. The KYC process consists of connecting a wallet, sending a scan of a government-issued identification document, and completing a liveness check in front of a camera. Additionally, US users are also required to provide proof that they are accredited investors.

WLFI did not disclose how long it would take to process the whitelist applications. According to DEX Screener, three fake versions of the WLFI token have been created in the hours since the whitelist was announced.

Related: Trump’s new DeFi project World Liberty Financial aims at SEC reversal on crypto

Leveraging US-pegged stablecoins

WLFI was created by Donald Trump’s sons Eric Trump and Donald Trump Jr., with the former US president showing support for their venture into decentralized finance (DeFi). In a series of posts on Sept. 4, WLFI said it is collaborating with leading money market protocol Aave and clarified that its primary goal is to ensure the US dollar maintains its dominance in the global financial system via stablecoins.

Recently, WLFI has been actively announcing the addition of new advisors to its team. The two latest additions are Matthew Morgan, CEO of blockchain gaming platform Mixie AI, and Ryan Fang, founder of Tomo Wallet and co-founder of blockchain services provider Ankr.

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