An Exciting Venture by World Liberty Financial:
The crypto venture, World Liberty Financial, which maintains affiliations with the US President Donald Trump, has announced their plans to distribute 8.4 million WLFI tokens, equivalent to about $1.2 million. These tokens will be provided to the early participants of the USD1 stablecoin loyalty program associated with the venture.
Understanding the USD1 Points Program:
The USD1 Points Program was introduced two months ago, with the primary aim of encouraging adoption of the World Liberty’s US dollar-backed stablecoin. World Liberty Financial gave participants the opportunity to accumulate points by trading USD1 pairs, maintaining balances on partner exchanges, and staying aligned with the different criteria set by various exchanges. The criteria and eligibility for earning these points, rewards, and distribution details may vary on each exchange.
Developments by World Liberty Financial:
World Liberty Financial disclosed that the initial WLFI distribution will take place on six different exchanges. These exchanges include Gate.io, KuCoin, LBank, HTX Global, Flipster, and MEXC. The eligibility and rewards will be determined by each individual platform.
The USD1, issued by World Liberty Financial, is currently ranked as the sixth largest stablecoin worldwide, boasting a market cap of $2.94 billion. The venture also made a statement saying that the points initiative will continue to include new venues, decentralized finance integrations, and offer more ways for users to earn and redeem rewards in the future.
The Role of Abu Dhabi investment firm MGX:
Earlier this year, it was revealed by Eric Trump that Abu Dhabi investment firm MGX has plans to use USD1 to settle its $2 billion investment in the Binance exchange. This stands as the exchange’s first institutional investment. Following this, the WLFI token is currently trading at $0.14, witnessing a drop of 0.5% over the past 24 hours. The token is also down nearly 70% from its all-time high of $0.46, which was recorded in September.
The Impact of Trump’s Second Term:
Trump’s second term in the office has seen a significant surge in his personal fortune, predominantly attributed to the family’s cryptocurrency ventures. As per the recent investigation by Financial Times, Trump’s crypto empire has created more than $1 billion in pre-tax profits over the past year.
Profits and Investments:
President Trump disclosed $57.4 million in income from World Liberty Financial in June. However, the family’s stake surged to a massive $5 billion after a recent token unlock. It is estimated that they have earned $550 million from WLFI alone this year.
Apart from this, the family has also profited from their branded memecoins, Official Trump and Official Melania Meme, earning about a staggering sum of $427 million combined. Furthermore, their USD1 stablecoin has garnered $42 million in profit since it was introduced a few months back in April.
