Trump Team Plans To Launch Stablecoin
Trump Team Plans To Launch Stablecoin
Plus Bitcoin smashed through $71k as it marches to new ATHs
TylerD's Market Summary
GM!
Today's top news:
Crypto majors jump 2-4%, BTC at $71,300
Meme leaders soar following DOGE +14%
Trump team plans to launch a stablecoin w/ help from Paxos
Shift4 introduces "Pay With Crypto" for 200k+ merchants
Kalshi becomes #1 finance app in iOS store
💰 A Trump Stablecoin Is Coming
With the election just a week away (and one where Trump is leading 66-34 on Polymarket), the Trump team is not slowing down their crypto plans.
In fact, they are accelerating.
What Happened
Yesterday World Liberty Financial announced plans to launch a stablecoin.
The vision is to foster "mass adoption" in the DeFi space, and comes after the team raised just $14M out of a staggering $350M goal.
The stablecoin is currently under development under Rich Teo, the Paxos co-founder, with the team focusing on safety before launching.
This venture follows Trump’s vision to make "crypto and America great again," bolstering his influence in the digital asset industry while appealing to retail investors.
Trump’s business partners also highlighted the expected profits from issuing stablecoins, referencing Tether’s record $5.2B in profit, showing the lucrative potential of such ventures if managed carefully.
What They’re Saying
Trump and his team position World Liberty Financial as an effort to “[maintain] global U.S. dollar supremacy through stablecoins” as an alternative to Central Bank Digital Currencies (CBDCs).
Trump has been vocal about stablecoins’ potential, while also voicing concerns over CBDCs. Earlier this year, he argued that a government-issued CBDC could lead to federal overreach, warning that “they could take your money. You wouldn’t even know it was gone.”
Why It Matters
As stablecoins like Tether and USDC dominate the crypto market by offering a digital “dollar alternative,” their legal status remains unclear in the U.S.
For Trump and World Liberty Financial, regulatory approval could bring major benefits but also challenges given the SEC’s scrutiny of stablecoin projects.
One has to assume that Trump being tied to this crypto project would make him more likely to be crypto-friendly in a potential Presidency - a welcome change from the current administration.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $3.7M on the day; Solana was next with $2.7M, and then Bitcoin with $2.3M
ETH NFT leaders were mixed; Punks even at 26.7 ETH, Pudgy -2% at 8.9, BAYC +1% at 11.65, Milady +12 at 4.7, Azuki -1% at 4.8
Hurt Hapas (+400%) and Lo-Fi Pepe (+50%) led top movers
BTC NFT leaders were very green; NodeMonkes +20% at 0.144 BTC, Puppets +14% at 0.14 BTC, OMB even at 0.167, Quantum Cats +8% at 0.216
The Runes leaders saw big green; DOG -3% at $470M mc, PUPS +30% at $172M, GIZMO +54% at $26M mc, BDC +12% at $94M
Solana NFT leaders were mixed with Mad Lads -1% at 36.5 SOL, SMB -5% at 14.7, DeGods -9% at 13 and RCs +9% at 28
Art Blocks and OpenSea announced a new partnership where Art Blocks will help shape the future roadmap, develop a custom Art Blocks Engine contract and roll out a new Art Blocks/OpenSea Artist Residency
Major League Soccer has dropped a new NFT collectibles platform called MLS Quest on SUI, with free-to-play quests for prizes
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
GRASS launched its airdrop and TGE on Monday, opening at a $265M mc and $1.1B fdv
Magic Eden announced it's adding support for Abstract upon mainnet launch
The Arena token portal went live ahead of today's $ARENA TGE event
Parallel announced the Prime Championship with $500k in prizes, to be hosted in Las Vegas in March 2025
Gemini is offering credit card rewards in $WIF on their Gemini Credit Card
Gelato Network raised another $11M in funding from Animoca Brands and others "to build web3's most advanced rollups-as-a-service platform"
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are very green up 2-4%; BTC +4% at $71,430; ETH +2% at $2,620, SOL +2% at $181; SUI led top alt movers up 17%
Memecoin majors were very green; DOGE +14%, SHIBA +10%, PEPE +8%, WIF +9%, BONK +5%, POPCAT +13%, and MOG +14%
Chainlink Data Streams went live on Solana, featuring GMX as a launch partner
Memecoin LUCE tied to the Catholic Church's new mascot ran to $17M on Monday
Vitalik clarified that he is not selling his ETH (in fact adding) and that the Foundation's selling is to pay devs and researchers
Bob Lax raised $6M in a presale for his upcoming gaming NFT project dropping on Solana
Shift4 introduced "Pay with Crypto", allowing hundreds of thousands of it merchants using Shift4 to accept BTC, ETH, USDC and more
Kalshi's prediction market app became the No. 1 app in the Free Finance category in the iOS store
The 1inch DEX has secured a deal with Bruce Lee's family to use his likeness in a "Take Crypto SeriousLee" ad campaign
🚀 Memecoin Movers
$LUCE (+57,000% to $40M market cap, SOL)
$47 (+270% to $13M market cap, SOL)
$SIGMA (+24% to $72M market cap, SOL)
$SELFIE (+22% to $52M market cap, SOL)
$BITCOIN (+20% to $300M market cap, ETH)
📈 NFT Floor Price Increase (ETH)
Hurt Hapas (390%, 0.1 ETH Floor)
Lo-Fi Pepe (348%, 0.14 ETH)
Goblinarinos (40%, 0.05 ETH)
Lasogette (38%, 0.12 ETH)
Mog Auras (11%, 0.29 ETH)
🗓 Upcoming Mints and Events
Today is a very busy day of drops, spanning art, memes, PFPs and tokens across several chains.
The highlight is likely the Magic Eden test token drop as they gear up for their TGE coming soon.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Magic Eden - Test $ME (11:00 a.m. ET)
Nullish Block 9 (11:00 a.m. ET)
Lors x Rare Scrilla - Book of Kek (12:00 p.m. ET)
8bit - Final Forms (4:00 p.m. ET)
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