Former U.S. President Donald Trump unveiled a new cryptocurrency platform on Monday, 16th September 2024, supported by his sons and business partners, but offered few details about the initiative. The announcement, made during a two-hour online event, introduced “tokens” for sale, allowing buyers to vote on platform decisions.

Despite an apparent assassination attempt at Trump’s West Palm Beach golf club on Sunday, the event proceeded as planned. The platform, led by World Liberty Financial, aims to leverage decentralized finance (DeFi), a blockchain-based system that removes the need for traditional financial intermediaries like banks.

The platform will facilitate cryptocurrency lending and borrowing, similar to existing platforms such as Aave. Trump’s son, Donald Trump Jr., described the initiative as “the start of a financial revolution,” during a broadcast on X (formerly Twitter). Cryptocurrency entrepreneurs Zachary Folkman and Chase Herro emphasized the platform’s use of stablecoins, which are backed by fiat currencies, to avoid volatility.

The project plans to sell governance tokens, with 63% available to the public, 20% reserved for the founding team, and the remainder allocated as rewards. No official launch date was provided.

Trump, who previously criticized cryptocurrencies, now supports them as part of his 2024 presidential campaign, positioning himself against the Biden administration’s regulatory stance on the industry.