Trump's Crypto Venture Introduces a Stabelcoin
- Reference: 0176819657
- News link: https://slashdot.org/story/25/03/25/2045243/trumps-crypto-venture-introduces-a-stabelcoin
- Source link:
> 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."
[1] https://www.cnbc.com/2025/03/25/trumps-world-liberty-financial-jumps-into-stablecoin-game-with-usd1-reveal.html
[2] https://www.businesswire.com/news/home/20250325773694/en/World-Liberty-Financial-Plans-to-Launch-USD1-the-Institutional-Ready-Stablecoin
Current Stage: The Great Grift (Score:2, 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: cre
Argentina Peso (Score:2)
I'd rather have Argentine Pesos, more stable.
The bits just keep coining. (Score:4, Insightful)
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.
Re: (Score:2)
truth
Re: (Score:2)
> 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 [1]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 [2]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
[1] https://www.huffpost.com/entry/cybertruck-bought-before-elon-went-crazy-sticker-community-note_n_67e1b98ee4b0a6f688045e93
[2] https://bsky.app/profile/did:plc:7vxkkyejny6ug2fell5ya353/post/3lkxywqu4o22w
Cognitive Dissonance (Score:2)
> ...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)
If it does not fluctuate wildly where is the profit?
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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.
No Thanks (Score:2)
I can not trust anything from that lying thieving murdering scumbag
Why not, i suppose. (Score:2)
> 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:2)
Let's not forget that the Trump Family is in talks of partial ownership in Binance if the CEO is granted a pardon.
[1]https://www.wsj.com/finance/cu... [wsj.com]
[1] https://www.wsj.com/finance/currencies/trump-family-has-held-deal-talks-with-binance-following-crypto-exchanges-guilty-plea-05b029faf
Stablecoin recipe (Score:2)
Muck stable, apply heat and pressure, and a coat of simulated gold plating.
Missed naming opportunity (Score:2)
> Trump's Crypto Venture Introduces a Stabelcoin ... called "USD1"
So... not the "StableGeniusCoin"? :-)
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:2)
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.
[1]Fake gold and silver Ron Paul coins seized [nbcnews.com]
Simpler times when the scams involved actual physical coins.
[1] https://www.nbcnews.com/id/wbna21836699
Re: (Score:2)
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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He already showed us all of this in his first term yet here we are in 2025. Mind fucking boggling.
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A monarch minting his own currency...