- Trump’s crypto project is gearing up to unveil its stablecoin.
- The Democratic candidate is leading the race for the election.
As the U.S. presidential election draws near, reports suggest that World Liberty Financial [WLF], a cryptocurrency project led by former President Donald Trump, is in the works to introduce its own stablecoin pegged to the U.S. dollar.
Insider sources indicate that although the stablecoin is still in the development phase, its launch might face delays.
According to information shared with Decrypt, the team is prioritizing safety and compliance with regulations before releasing the stablecoin into the market.
Noteworthy is the recent appointment of Rich Teo, co-founder of Paxos, by WLF, suggesting that the project’s shift towards a stablecoin has been in progress for some time.
Trump’s WLFI Coin Introduction
This latest development follows the earlier launch of the WLFI token. The project initially targeted over 100,000 accredited investors with ambitious plans to raise $300 million through the initial token sale.
However, as per AMBCrypto, the endeavor fell short, raising only $14 million with a mere 4.7% of the tokens sold.
Nonetheless, WLF remains undeterred in its aspirations. In a recent governance proposal, the project announced its plans to establish a new Aave v3 [AAVE] instance on the Ethereum [ETH] mainnet, focusing on stablecoin liquidity.
Moreover, it includes a revenue-sharing model aimed at expanding Aave’s user base and incentivizing new DeFi participants.
Whales Betting on Trump’s Victory
Amidst these developments, data from Lookonchain indicates that significant investors are placing substantial bets on Trump’s success in the 2024 U.S. presidential election on the prediction platform, Polymarket.
One prominent whale (0x94a428cfa4f84b264e01f70d93d02bc96cb36356) recently allocated $1 million USDC, adding to the $5 million already invested in Trump’s election victory.
Source: Lookonchain/X
Similarly, another whale (0xd235973291b2b75ff4070e9c0b01728c520b0f29) reportedly withdrew over $2 million USDC from Binance for pro-Trump wagers, bringing the total investment to $7.22 million.
Election Prediction Markets: Trump vs. Harris
According to Polymarket data, Trump holds a 66.1% chance of winning the upcoming election, while Vice President Kamala Harris trails behind with a 34.0% chance.
Source: Polymarket
With the potential introduction of a Trump-backed stablecoin, the financial sector could witness further intersections between political influence and cryptocurrency as World Liberty Financial navigates the complex regulatory landscape.