Trump's Crypto Venture Introduces a Stabelcoin 77
World Liberty Financial, a crypto venture backed by Donald Trump and his family, has launched a U.S. dollar-pegged stablecoin called USD1. The token is backed by U.S. Treasuries and cash equivalents and will soon go live on the Ethereum and Binance Smart Chain networks. CNBC reports: The development comes as the market cap for dollar-backed stablecoins -- cryptocurrencies that promise a fixed value peg to another asset -- has been climbing to new all-time-highs this year and has grown more than 46% in the past year, according to CryptoQuant. The market has long been dominated by Tether (USDT) and, more recently, Circle's USDC. "USD1 provides what algorithmic and anonymous crypto projects cannot -- access to the power of DeFi underpinned by the credibility and safeguards of the most respected names in traditional finance," said World Liberty Financial co-founder Zach Witkoff. "We're offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions."
Alex Thorn is head of firmwide research at Galaxy Digital, said at the Digital Asset Summit: "Stablecoins are seen as more politically easy to do in Congress but actually will be dramatically more impactful to the United States and the world than market structure [legislation]. Who regulates who is important ... if you're one of the people that's going to be regulated, but the stablecoin bill could solidify dollar dominance for 100 years."
Alex Thorn is head of firmwide research at Galaxy Digital, said at the Digital Asset Summit: "Stablecoins are seen as more politically easy to do in Congress but actually will be dramatically more impactful to the United States and the world than market structure [legislation]. Who regulates who is important ... if you're one of the people that's going to be regulated, but the stablecoin bill could solidify dollar dominance for 100 years."
Well (Score:5, Insightful)
Any of the resident orange jesus fans want to explain how brilliant this idea is? Or can you still not admit you elected a grifter?
Re: Well (Score:3)
Hahahhahaha illegally hahahhahahah
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I didn't even know about this, not only is this from 2007 but they were effectively one step away from being counterfeiters.
Fake gold and silver Ron Paul coins seized [nbcnews.com]
Simpler times when the scams involved actual physical coins.
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1: That does not say that the coins were not gold or silver... It just says the government decided "its not a real currency" and then stole it... If I want to make my own coin that's made of gold, or whatever else - I should be allowed to do that... As long as I don't try and pass it off as US currency (which doesn't appear to be the case).
2: The article even says at the end that these coins were not affiliated with Ron Paul or his campaign... It was done by some guy named Bernard von NotHaus, who chose
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If I want to make my own coin that's made of gold, or whatever else - I should be allowed to do that... As long as I don't try and pass it off as US currency
the Liberty coins were marked with the dollar sign ($); the words dollar, USA, Liberty, Trust in God (instead of In God We Trust); and other features associated with legitimate U.S. coinage.
Devils in the details. You are free to make gold and silver "coins" and sell them as weighted metals or as a commerative collectible piece but that's not what he was accused of doing.
Federal prosecutors successfully argued that von NotHaus was, in fact, trying to pass off the silver coins as U.S. currency. Coming in d
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If I want to make my own coin that's made of gold, or whatever else - I should be allowed to do that... As long as I don't try and pass it off as US currency
--Muammar Gaddafi
Re:Well (Score:5, Insightful)
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He already showed us all of this in his first term yet here we are in 2025. Mind fucking boggling.
Yes, the U.S. population is incredibly stupid.
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The US population that watches Fox News is incredibly stupid -FTFY
The ONLY way out of this dive to Idiocracy is for every single American to dump cable so they do not let the poison of Fox News propaganda into their homes
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Is it possible that the Democrats are so bad that the voters chose the only viable alternative?
MAGA and its ilk (politicians and voters) are the worst, but really I can't believe the incompetence of Democrats loosing to the obviously worst choice... twice!
Re:Well (Score:4, Interesting)
"Is it possible that the Democrats are so bad that the voters chose the only viable alternative?"
No, it is not possible.
"fox news isn't watched by more then half of the country"
Trump isn't supported by more than half the country. So what?
And Fox News is what corrupted media, even if it only part of a corrupt ecosystem now. No one has to say "Fox News and the other incorrigibles", it is implied.
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"You seriously think that Fox News is the stupid people's only preferred network/source of "news"..."
No one believes that and no one said that. What we have here is a reading comprehension problem, standard for MAGA.
However, for a segment of the population Fox is the only source of "news".
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The US population that watches Fox News is incredibly stupid -FTFY
Nope. The safe assumption moving forward is that everyone in the US is stupid, until they individually prove themselves otherwise.
Re: Well (Score:1)
What about the part of the US populace that was telling me until July last year that Biden was able to do another term, were they smart?
Were they forgetful about Biden's promise to work hard during his term for growing a younger generation of Democratic leaders?
I'm not convinced the difference between these and those is very large.
Re: Well (Score:2)
And all those podcasts to choose from...
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Or, and hear me out on this, just stop watching agitprop networks. It actually is possible to exercise self-control.
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A monarch minting his own currency...
Re: Well (Score:3, Insightful)
Well, unlike that other nation, you did elect the monarch in a completely free election.
Twice, heh.
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Guarantee there are bugs in the contract and it will get hacked which they will then cover up.
Ethereum is dying anyway since they moved to proof of stake. No coin has ever survived that because why wouldn't EVERYONE that owns ETH stake it to make free money? The problem with everyone staking is that means no one is USING the coin which causes the value to tank. Its value used to follow Bitcoin but it has slowly been losing traction. If you look at it now ETH is way down while BTC is up. Stick a fork in it.
Re: Well (Score:3)
But even many of the bullish were incredulous when he called the SEC off its investigation of the Chinese billionaire who invested $75 million in Trump's own crypto scheme. That buy resulted in an estimated $56 million going directly to the Trump family coffers
Current Stage: The Great Grift (Score:3, Insightful)
The grand master plan of crypto
The plan for all cryptocurrencies isn't what they want to make you think it is. It's more sinister than the egalitarian image the crypto boys portray for it.
After the 2008 financial meltdown, cryptocurrencies were born out of it, declared to be the means by which people could be freed from banks/governments, and promised to avoid any such future meltdowns from happening ever again.
But the crypto boys watched closely the result of that meltdown, and formulated their plan: create a new form of currency, and for it a new financial system detached from traditional ones (those burdened by "governments and regulations") - they called it "DeFi" for "Decentralized Finance", but its dirty little secret is that it's really "Deregulated Finance".
Their plan is to make this new money be adopted by the masses, so they start it off with a low price, then gradually increase it, by virtue of them just pulling numbers out of thin air for its value, until it catches the attention of the masses - then it gets more and more "valuable" from the collective faith of its given value ("network effect"), until traditional institutions and the typical "1%" billionaires start to notice and, greedy as they are, want in on the action too.
So now those that got in at the ground floor have gained all this "value" out of thin air, and once they're ready, they'll pull out all pretty much at once ("rug pull") - that it'll create a sell-off panic, and a new meltdown is born! And because of their "De[regulated]Fi" system, the bros have already shifted all the risks away from themselves onto others, so they'll make out like bandits, leaving everyone else to "hodl" the bag.
But the bros were really observant about that last meltdown - and noticed all the "bailouts" the big banks got - so as they were shifting the risks to others, they increased their investments into what would get the next bailouts - so in the end they'll make out like bandits twice: the first time from suckering everyone else into their pump-and-dump scam, and again once they benefit from the bailouts that'll get handed out.
And there you have it folks, the real master plan of crypto.
--
"Cryptocurrencies will bring about a worse financial meltdown than the one they were born from." -Prof. Feynman
Argentina Peso (Score:2)
The bits just keep coining. (Score:5, Insightful)
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truth
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a full-motion video ad for Cybertrucks is fed directly into the optic nerve of every citizen. Flag as Inappropriate
Just thought I'd throw in this bit I thought was funny... There's a story Brooklyn Cybertruck Goes Viral After Owner Is Trolled With Real Life X 'Community Note' Fact-Check [huffpost.com] about a Cybertruck with a "I bought this before Elon went crazy" sticker on it and someone affixed another sticker [bsky.app] to fact-check it saying, "Tesla only started selling the Cybertruck after Elon Musk went crazy". (The article notes that the timeline is a bit fuzzy as the vehicle was announced in 2019, but not available until 4 years lat
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The idea that there was a point at which Musk "went crazy" is a bit of a farce anyway. Plenty of us saw through the mask even as early as the X.com/PayPal days. The guy has always been driven by profit above all else. You don't get to be the richest man on the planet otherwise.
Re:The bits just keep coining. (Score:4, Informative)
The idea that there was a point at which Musk "went crazy" is a bit of a farce anyway. Plenty of us saw through the mask even as early as the X.com/PayPal days. The guy has always been driven by profit above all else. You don't get to be the richest man on the planet otherwise.
I can't pull it up at the moment, but recently read an article that Elon's radicalization started after his now daughter Vivian came out as trans.
More recently... from Elon Musk's Estranged Daughter Responds to His Transphobic Comment with Popular RuPaul’s Drag Race Quote [people.com] (and many other sources):
On March 22, Elon posted on X [x.com]:
My son, Xavier, died. He was killed by the woke mind virus.
Now, the woke mind virus will die.
Several hours later, Vivian Wilson, 20, posted a video response on TikTok [tiktok.com] and Instagram [instagram.com], which featured a screenshot of Musk’s comment, followed by Wilson lip-syncing the line:
I look pretty good for a dead bitch.
More recently, Elon has tried to blame the violence against Tesla on trans people. Musk links trans people to Tesla attacks the same day his estranged daughter criticizes him in Teen Vogue interview [cnn.com] (and other sources)
There seems to be a lot going on in Elon's head and none of it is good...
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On March 22, Elon posted on X [x.com]:
My son, Xavier, died. He was killed by the woke mind virus.
Now, the woke mind virus will die.
I wish Musk apologists would actually think about what's going on there. Elon Musk, the world's richest person, is declaring that his child is dead because they identify by a different gender.
Even if you hate the fact they transitioned, how a parent could possibly say something like that about their child, and to do it in a friggin Tweet.
Musk isn't radicalized, he's suffering from some kind of serious mental illness (and I don't mean autism), and the whole world is suffering because of it.
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He called his son "Xavier", and then a later son that stupid name with a ligature in it.
Elon Musk names his children according to the same personal whims as he applies to his businesses. I think that speaks volumes as to the sort of man he is.
Re: The bits just keep coining. (Score:2)
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The point is, if you have empathy, you won't chase obscene amounts of wealth in the first place. Most people have a threshold where they realize that they're living well enough and that there's more to experience out of life than just earning additional money beyond that point. Call it an intrinsic desire to see out a healthy work/life balance.
Musk doesn't have that. He's obsessed with wealth and power, which might've seemed like normal hustling until it became blatantly apparent that those things are ev
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Your right, everyone should just stop working once they reach a certain amount of money.
This is the best way to drive inovation, technology and civilization.
If everyone just stops working once they have enough to live a "comfortable" life, society will be accelerated to infinity and all will be right in the universe.
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This is the way America ends, not with a bang, not with a whimper, but smothered by the ordure sprayed from a thousand firehoses pumping diarrhea and somehow screaming while a full-motion video ad for Cybertrucks is fed directly into the optic nerve of every citizen.
You know that scene in A Clockwork Orange where he's strapped to the chair with his eyelids held open being force-fed propaganda? Those of us in America with a modicum of self-awareness feel very much like that moment is coming for us, sooner rather than later. Not because we were playing a little bit of the Ultraviolence, but because we don't actually believe any amount of violence will turn this ship around, and we're stuck wondering what the fuck else this clown assemblage is going to do to destroy the c
Cognitive Dissonance (Score:3)
...underpinned by the credibility and safeguards of the most respected names in traditional finance
...backed by Donald Trump and his family
Is a stable coin against the point of crypto? (Score:1)
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If it does not fluctuate wildly where is the profit?
Transaction fees.
Economics question here (Score:2)
The principle of having something rare to trade value in (i.e. a crypto currency) at least makes sense from an economic point of view. But what precisely is the benefit of a stable coin? You can't invest in it (may as well invest in the USD which is at least backed by something and hack proof). And even if there is a benefit to having a different trading technology what's the point of more than one such stable coin existing?
I mean other than offering an opportunity for money laundering of course.
That's because..... (Score:1)
But what precisely is the benefit of a stable coin?
That's because "stable coin" is another way to say "stupid's coin" - as in it's only bought by stupid people, sold to them by snakeoil salesmen.
Financial inclusion (Score:5, Insightful)
But what precisely is the benefit of a stable coin? You can't invest in it (may as well invest in the USD which is at least backed by something and hack proof).
"may as well invest in the USD" is not so easy in much of the world. Billions of people live under monetary oppression, forced to use the fiat (and non-convertible) currencies of their own governments. People aren't dumb -- they know when their savings is evaporating -- but actually exchanging for USD is non-trivial for many people. Some can't have bank accounts: women in some parts of the world, or displaced refugees. And those that do have such accounts face restrictions on the amount they can hold in USD, if USD deposits are permitted at all. So people turn to physical cash, which if often brought (or smuggled) into the country by family members working abroad. It's not scalable, reliable, or secure.
So tokenized USD is a solution to that problem. Access to crypto doesn't require an account: anyone with an Internet connection can get a wallet. Someone can relatively easily begin receiving remittances from family members abroad.
As for this stablecoin... well, no, I'm not seeing anything special about it.
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I'd like to see a stablecoin designed for this use. Something with the protection and anonymity of Monero or ZCash. This way, a repressive government can't just follow the dots, and someone's transactions are not public forever. Bonus points if the blockchain used can be preened so people don't have to store every single transaction made on it forever.
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Re: Financial inclusion (Score:1)
Buying usd is not an investment. At max it is a wealth storage.
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That's the point you can't invest in it, you can't or at least shouldn't be investing in money. The on of main thing wrong with things like bitcoin is it just full of wild speculation, it means I can't actually use it for money, I don't want to be paid in currency that may have a completely different value an hour from now.
Some people may think its a good thing to use resources on producing bits on a computer so they can make some profit. I definitely do not.
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Ostensibly, the point of a stablecoin is to have a cryptocurrency that actually can be used as currency. As in, you might as well use it to buy goods, services, or invest it in actual investments, because it's not going to appreciate in value if you HODL.
The catch though, is that no one has really come up with a way of making a truly decentralized stablecoin, so you ultimately just end up with the digital equivalent of Disney Dollars that may nor may not be redeemable back for actual money from the entity
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Right, if it's tied to the dollar why not just keep dollars? There are sovereign currencies tied to the dollar, but those are currencies of sovereign countries. The US has one of those already, it's called the dollar.
This makes absolutely not sense, but that doesn't stop the Trump adminstration. They never know what they're talking about, this is no different. Tying a crypto currency to the dollar provides no value and the only purpose of a US government currency is already satisfied.
No Thanks (Score:5, Insightful)
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The really worrying part is that MAGAs who lost all their money investing in Trump's other ventures, like Truth Social, are still sure that this time the Democrats won't ruin it and they will become millionaires.
Why not, i suppose. (Score:4, Funny)
Trump's Crypto Venture Introduces a Stabelcoin
Horses do that all the time, so I suppose it's not that surprising when a jackass does it.
Transaction fee = Money in Trump family pocket (Score:5, Informative)
Let's not forget that the Trump Family is in talks of partial ownership in Binance if the CEO is granted a pardon.
https://www.wsj.com/finance/cu... [wsj.com]
Stablecoin recipe (Score:2)
Missed naming opportunity (Score:3)
Trump's Crypto Venture Introduces a Stabelcoin ... called "USD1"
So... not the "StableGeniusCoin"? :-)
Re: Missed naming opportunity (Score:2)
Nah, that has been ridiculed successfully for too long.
He'll be shooting for Noble Genius now, as in "I won the Noble Piece Prize".
Direct Trump Bribe? (Score:2)
'Stabelcoin' from a 'stabel' genius? (Score:2)
Nothing about Trump is Stable (Score:2)