WLFI's Stablecoin Project Planning Underway

The team behind WLFI, which includes Trump's sons Donald Trump Jr. and Eric Trump, is looking to issue a native stablecoin, but planning is still underway and it may take some time before the new offering comes out

The team behind WLFI, which includes Trump's sons Donald Trump Jr. and Eric Trump, is planning to launch a native stablecoin, Decrypt reported Monday, citing sources.

However, the project is still in the early stages, and it may take some time before the new offering comes out.

One source revealed that the team is still working out the project's foundations, including how to make the stablecoin safe for consumers. Another source said WLFI is also working with other major components of the controversial protocol while planning the stablecoin launch.

Decrypt's editor in chief Guillermo Jimenez further revealed that the stablecoin project is "a crucial part of WLFI and is being worked on in tandem with other features."

The project is slow playing the stablecoin launch, but sources tell @s_lutz95 the token is a crucial part of WLFI and is being worked on in tandem with other features. The effort will likely be led by Paxos co-founder Rich Teo, who recently joined the WLFI team.

WLFI's plans to enter the stablecoin segment come at a critical time, especially with reports about the U.S. government's supposed attention on Tether.

The Wall Street Journal recently reported that the U.S. Justice Department is conducting a criminal investigation into Tether, the company behind USDT, the world's largest stablecoin by market cap.

Tether chief Paolo Ardoino slammed the supposed "false" reporting, adding that there has been "no indication that Tether is under investigation."

But this isn't the first time that Tether's name has been linked to supposed criminal activity. The company was earlier accused of corruption and allegedly engaging in "shady" business practices, as per a billboard in Times Square, New York in June, put up by Consumers' Research.

Moreover, WLFI has been facing its own set of problems ever since the project was announced by Trump's sons.

Just this month, the team published the project's "gold paper" that was questioned due to the details that showed 75% of the protocol's net revenue will go to an entity reportedly owned by the former president.

The WLFI token's whitelist requirements also raised criticism among crypto users, who pointed out how the requirements were only limited to richer people.

Prominent Bitcoin community member Pledditor also revealed earlier this month that WLFI has updated its project documentation after initially promising during a Spaces session that 63% of the WLFI tokens will be sold to the public. Pledditor pointed out that the project's papers now reveal only 35% will be available for public purchase.

So @WorldLibertyFi updated their documentation

They've completely backpedaled on their promise in Spaces that "63% of tokens will be sold to the public"

That number is now only 35%

That means $WLFI will be a low float, high FDV token