MEXCDonald Trump’s Truth Social To Explore Native Token and Digital Wallet
Highlights
- To power Truth+ subscription, TMTG is planning to launch a new token
- There is also plans to float a digital wallet with evolving utilities in the future
- The Trump family involvement in crypto now have both proponents and critics
The Trump Media and Technology Group (TMTG) have written a letter to shareholders as the Donald Trump-affiliated parent firm of Truth Social is considering deepening its ties to crypto. In the letter to investors, the firm revealed its plans to pursue an utility token that can help power its broader ecosystem in today’s financial world. This shift by the Trump Media outfit has generated a massive conversation on X.
Truth Social Token: The Justification
In the shareholder letter, the firm reiterated that the reason for the emergence of Truth Social is to create an alternative platform without censorship. To complement this, the firm told shareholders it has Truth+ operational as a streaming platform for home-safe programs.
To create a system to monetize these various platforms, the firm said it is considering launching an utility token. This, it planned to do within a Truth Digital wallet that can be used to pay for Truth+ subscriptions. Over time, the organization said it will create more utility for the token within the Truth Social ecosystem.
The entire Trump family is now closely linked to the crypto ecosystem. From moves that started with Non-Fungible Token (NFT) launches, the President now have deep ties to the broader decentralized Finance (DeFi) world. While the Truth Social move comes with criticism, it has also garnered support from crypto proponents.
Deepening the World Liberty Financial (WLFI) Mission
The big crypto project backed by the Trump family is World Liberty Financial (WLFI). Beyond the WLFI partnership with Justin Sun and other major proponents in crypto, it is also known for the stablecoin USD1.
Notably, the stablecoin is gaining traction with its market capitalization surpassing the $136 million circulating supply benchmark, per data from CoinMarketCap. Notably, USD1 secured DWF Labs funding worth $25 million as the firm expanded to the US earlier this month.
Beyond the stablecoin engagement, the broader Truth Social and Trump family remain deeply-inclined to emerging technologies.
Implication for DeFi and Crypto Regulation
With 100 days in office, President Donald Trump has kept to his campaign promises to the crypto industry. In the past months, the top US market regulators have dropped lawsuits held against crypto industry proponents.
In a major pivot, the Federal Reserve revised its crypto guidelines recently to allow banks engage with the industry. The Federal Deposit Insurance Commission (FDIC) and the OCC have also made this important pivot.
Notably, the Trump family may have critics for engaging with digital currencies. However, the promised regulations have sparked a wait-and-see approach from a few optimistic stakeholders.
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