Trump to launch crypto project to combat FED sparking stablecoin rumors Trump to launch crypto project to combat FED sparking stablecoin rumors
Trump Jr. hints at a disruptive crypto platform, distancing the project from meme coins and emphasizing DeFi's potential to address systemic financial inequalities.
3 min read
Updated: Aug. 9, 2024 at 4:18 pm UTC
Gage Skidmore / CC BY-SA 2.0 / Flickr. Remixed by CryptoSlate
During a recent Rumble livestream, Trump Jr. addressed the growing speculation linking the Trump family to various meme coins. He emphasized that while he appreciates the enthusiasm for meme coin culture, any official Trump project would not fall into that category.
However, Trump Jr. and his brother Eric are working on a project that is said to be more substantial and long-term, targeting broader financial and technological objectives rather than simply capitalizing on the memecoin trend. He also remarked,
“Bitcoin is the best way to beat the Fed. Listen, I think Bitcoin is great.
I love what they’re doing with it. I think it is a great, it’s a hedge against some of these things. I think there’s going to be a lot of other options in the crypto space as well.”
Trump Jr. clarified that the Trump family’s interest lies in developing a platform to address systemic inequalities within the financial sector. He alluded to the potential of DeFi as a solution to issues like restricted access to financing and insurance, which have affected individuals who do not meet traditional financial criteria.
His rhetoric suggests that the project could aim to disrupt the banking sector by leveraging blockchain technology, possibly through a stablecoin or other decentralized financial instruments. Trump Jr. said,
“I think what we want to do is take on a lot of the banking world, I think there’s been a lot of inequality in that only certain people can get financing, only certain people can do these sorts of things this notion of, decentralized finance is obviously very appealing to guys like me who’ve been debanked or haven’t been able to get insurance or what not.”
He also warned against conflating this future project with existing meme coins, reiterating that any official announcements would come directly from the Trump family. On Twitter, Trump Jr. echoed this sentiment, advising the crypto community to be cautious of fake tokens falsely claiming affiliation with the Trump name.
Trump stablecoin vs CBDC
With Trump Jr. distancing the Trump family from meme or ‘community’ coins, some speculate that they could be looking to launch a stablecoin. While former President Trump has stated that he will not back a FED-issued CBDC, calling them “very dangerous,” the potential for a programable digital dollar could still be possible. Further, it could align with Trump Jr.’s comments on wanting to create something “frankly much bigger” to “beat the fed.”
However, journalist Whitney Webb has raised concerns about the potential implications of what she refers to as synthetic CBDCs in the US, particularly in the context of Trump’s previous administration. Webb argues that while prominent figures like Trump and Florida Governor Ron DeSantis publicly oppose CBDCs, the reality may involve a subtler yet equally concerning alternative. She suggests that instead of a government-issued CBDC, the US might see the rise of a synthetic CBDC—a stablecoin tied to the US dollar but issued by private entities such as Wall Street banks.
Webb contends that this model, which Jared Kushner advocated for during Trump’s presidency, could be just as susceptible to surveillance and control as a traditional CBDC. The core of her argument is that shifting the issuance of a digital currency from the Federal Reserve to powerful financial institutions like Bank of America or JPMorgan Chase does not mitigate the risks associated with a programmable surveillance currency.
Instead, she claims it merely transfers control from a public institution to private corporations, potentially exacerbating issues of financial power concentration and privacy erosion. Webb warns that this could be a deceptive strategy—presented as a victory for freedom but ultimately reinforcing the same structures of control that a CBDC would have imposed.
To date, the Trump family has not indicated any plans to announce a stablecoin backed by Wall Street banks. Trump Jr. also directly addressed the need to challenge the current banking world.
Further, current theories about the forthcoming Trump-linked crypto project remain speculative. As market odds on Polymarket fluctuate, with the likelihood of a coin launch before the election decreasing to 15% from 28%, the exact nature and timing of the project are yet to be determined. However, Trump Jr.’s remarks indicate something in the works.
Per Trump Jr., the project’s details will be revealed in due course, promising to deliver a platform that could challenge the status quo in the financial world.
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Author 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Donald John Trump was born on June 14, 1946, in Queens, New York City.