TechFlow news, October 29 — According to Decrypt, citing multiple sources familiar with the matter, World Liberty Financial, Donald Trump's cryptocurrency project that recently completed a $14 million token launch, is planning to issue a stablecoin. The project has appointed Rich Teo, co-founder of Paxos, as head of stablecoin and payments operations. Several core components are currently under development, with features including the stablecoin set to roll out at an appropriate time.
Notably, if Trump wins the 2024 presidential election, questions may arise over potential conflicts of interest regarding stablecoins issued by his business associates. Currently, Circle, the largest U.S. stablecoin issuer, holds $34.59 billion in assets backing its $34.37 billion in USDC circulation. Meanwhile, Tether achieved a record $5.2 billion in profits during the first half of 2024 alone and currently holds nearly $81 billion in U.S. Treasury securities.
