- Donald Trump Jr. distanced the Trump family from meme coins, emphasizing a more substantial and long-term crypto project.
- Trump Jr. and his brother Eric are developing a project aimed at addressing financial inequalities using blockchain and DeFi.
Donald Trump Jr. has publicly distanced the Trump family from the growing meme coin culture, emphasizing a different approach to the cryptocurrency space. During a recent live stream on Rumble, Trump Jr. clarified that while he appreciates the enthusiasm surrounding meme coins, any official Trump project will focus on more substantial and long-term objectives rather than following the meme coin trend.
Don Jr. Discusses Today's RTR Debacle on Locals Q&A pic.twitter.com/cd7pVBJAjx
— db (@tier10k) August 8, 2024
Trump Jr. Expresses Interest in Bitcoin and Warns Against Fake Trump Tokens
Donald Trump Jr., the president’s eldest child, and his brother Eric are allegedly developing a separate project with more general financial and technological objectives to combat economic discrimination. Trump Jr. noted that the project would help solve problems such as limited access to funding and insurance that people with non-bankable profiles face with the help of DeFi. This project, as Trump Jr. explained, is to disrupt the banking industry through the application of blockchain.
He showed his interest in Bitcoin as an instrument against the Federal Reserve, stating that it has the potential to be a major force in the crypto market. Nevertheless, he pointed out that the Trump family’s new project should not be equated with other meme coins, noting that the public should beware of fake tokens that are trying to capitalize on the Trump brand.
Potential Trump Stablecoin?
There is increasing speculation that the Trump family might be planning to launch a stablecoin; Trump Jr.’s recent comments, as well as the previous president’s negative stance on the Federal Reserve’s Central Bank Digital Currency (CBDC) The current US president has earlier labeled CBDCs as “very dangerous”, and seemed to favor other options that can potentially compete with the Federal Reserve.
Investigative journalist Whitney Webb has pointed to a synthetic CBDC that would be a stablecoin pegged to the US dollar but issued by private actors such as Wall Street banks. Webb states that this model, which Kushner, a compatriot of Trump, allegedly supported, could be monitored and manipulated in the same way as a traditional CBDC. She notes that this strategy might transfer control from public institutions to private entities and worsen the problems of financial hegemony and privacy intrusion.
Still, the Trump family has not officially announced any intentions to release a stablecoin supported by Wall Street banks. Trump Jr. stressed that all the official statements would come directly from the Trump family and requested the community to be aware of the fake coins. The specifics of the Trump-affiliated crypto project are still unclear, and the chances of the coin being released before the next election on Polymarket have declined.
A meme coin named Restore the Republic (RTR), launched on the Solana blockchain, experienced a meteoric rise and subsequent crash on Thursday. The token briefly surged to a $155 million market cap before plummeting by 95% following erroneous claims linking it to former President Donald Trump. Social media activity ignited the volatility of the RTR token, with posts from Donald Trump Jr. and Eric Trump teasing an upcoming DeFi announcement.
