The Trump family is now backing a new cryptocurrency project, which was promoted during a two-hour livestream on X on Monday night. President Trump is using this new venture to step into the world of decentralized finance (DeFi).
Trump teased the project, known as World Liberty Financial, to his over 90 million followers on X before participating in a Q&A session during the stream. He spoke broadly about the blockchain industry and the success of his previous NFT ventures but made no direct mention of his latest project before turning the discussion over to his sons and business partners.
World Liberty Financial is being described as a DeFi platform, where users can borrow, lend, and earn interest on cryptocurrencies. Unlike traditional finance, DeFi operates without intermediaries, relying instead on smart contracts on a blockchain. Globally, DeFi already accounts for around $44 billion in crypto-backed loans.
The project's team revealed few concrete details, with the exception of plans to launch a new cryptocurrency called WLFI. This “governance token” will be non-transferable, won’t generate any yield, and will be used only for voting on project changes. Of the token’s supply, 63% will be sold to accredited investors, 17% set aside for rewards, and 20% held by the project team for compensation. The purpose of the token, given its restrictions, remains unclear.
Trump is promoting World Liberty Financial under the slogan “Make Finance Great Again.” During the livestream, Donald Trump Jr. claimed that decentralized finance “removes the political component” from banking, which he argued has become overly politicized.
