Former US President Donald Trump has announced plans to launch a new digital currency platform, presenting it as an alternative to traditional banks and financial institutions.
Trump, now a Republican presidential candidate, revealed his initiative on X (formerly Twitter) and his social media platform Truth Social.
He criticized major banks and financial elites for pressuring Americans and called for a collective effort to challenge this influence.
The project, titled “The Defiant Ones,” remains under wraps, with limited details provided. Recent statements from Trump’s sons, Eric and Donald Jr., who lead the Trump Organization, suggest the initiative will involve “digital real estate.”
Eric Trump mentioned that the platform would offer immediate access to financial guarantees, which typically refer to assets used as loan collateral.
Although Trump previously condemned digital currencies as fraudulent, he has reversed his stance and is now positioning himself as a leader in this field.
At a major conference in Nashville in late July, he promised that, if re-elected, he would support innovation and Bitcoin.
This stance contrasts with the Biden administration’s approach, which favors regulating the cryptocurrency sector.
Documents from mid-August indicate that Trump holds between $1 million and $5 million in Ethereum, the second most popular cryptocurrency.
The new platform will focus on decentralized finance (DeFi), which eliminates the need for traditional intermediaries like banks in transactions.
DeFi relies on blockchain technology, which provides a secure and transparent record of transactions accessible to everyone.
