The Banks Committed Their Most Costly Error Ever
Eric Trump addressed an audience at Consensus in Toronto, stating, “There’s a well-known phrase suggesting that the enemy of your enemy can sometimes be your greatest ally. That was the case with the Trumps and the crypto sector. The banks made a colossal error.”
The Bitcoin mining enterprise co-founded by Eric Trump, along with his father, has acted as a consultant for World Liberty Financial (WLF). This entity has recently introduced USD1, a stablecoin backed by the U.S. dollar, which has promptly achieved a market cap of $2 billion.
During the event, WLF’s co-founders joined Trump on stage to reveal that USD1 is now operable across different blockchains utilizing Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
Trump expressed his personal motivations tied to cryptocurrency, claiming that major financial institutions “canceled” him due to his political beliefs, leading him to see crypto as a safeguard against exclusion from financial systems.
He described USD1 as a financial avenue for Americans facing corrupt or unstable regimes.
“It provides immense financial flexibility, particularly for populations in countries where financial freedoms are non-existent, plagued by conflict, corruption, or rampant inflation,” he elaborated. “Each day, individuals struggle as their earnings lose value under their own roofs, and now we offer a chance for the global community to access a U.S. dollar equivalent that’s completely backed by U.S. Treasuries.”
Earlier, legal representatives for WLF responded to inquiries from U.S. Senator Richard Blumenthal, a prominent Democrat leading an investigation into issues of corruption and management, who requested information on the ownership and investment framework for Trump-related organizations, including WLFI, in a letter the previous week.
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