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The Trump family's latest cryptocurrency venture, World Liberty Financial, has hinted at a collaboration with the DeFi protocol AAVE, suggesting that the platform may be built on the {Ethereum} (ETH) blockchain. World Liberty Financial has outlined its primary objective to promote the widespread adoption of stablecoins and decentralized finance (DeFi). According to a statement released on September 4, the project aims to ensure that U.S.-dollar-pegged stablecoins continue to serve as the global settlement layer for the foreseeable future.
This focus on stablecoins comes amidst concerns that the U.S. dollar might lose its status as the world’s primary reserve currency. Countries like China and Russia have been advocating for the use of alternative currencies for international commodity trades, intensifying these fears. Despite these geopolitical dynamics, the stablecoin market, excluding algorithmic varieties, has seen consistent growth, reaching a record high of $169 billion as of September 5, according to DefiLlama. The leading stablecoins are all pegged to the U.S. dollar.
The partnership with AAVE, a well-regarded DeFi protocol, could be indicative of World Liberty Financial’s ambition to integrate with Ethereum’s ecosystem. Over the past 24 hours, the price of AAVE has increased by over 9%, rising from a low of $116.99 on September 4 to $133.04.
World Liberty Financial has emphasized its commitment to security, stating that it is working with top security experts to review its code and adhere to best practices. The project has sought to differentiate itself from previous failed ventures by ensuring it is not merely another "hostile fork."
However, the venture has faced challenges from hackers and scammers. On August 8, Eric Trump clarified that a memecoin named Restore the Republic (RTR) was not affiliated with World Liberty Financial, despite initial speculation. Additionally, the official World Liberty Financial Telegram group has had to address fraudulent advertisements and giveaways. On September 4, hackers compromised the X accounts of Lara and Tiffany Trump, spreading fake links associated with the project.
