NEW YORK—Donald Trump announced on Thursday the forthcoming launch of a cryptocurrency platform, positioning it as an alternative to the services provided by large banks and major financial institutions. The former president and current Republican candidate for the U.S. presidential election shared the news on X (formerly Twitter) and his social network, Truth Social, stating, "Americans have been squeezed by big banks and financial elites for too long. It is time for us to resist, together."
According to Burkina Information Agency, the project, named The DeFiant Ones, seeks to challenge the conventional financial system, although specific details about the platform remain undisclosed. Eric and Donald Jr., Trump's sons who lead the Trump Organization, have described the initiative in recent weeks as "digital real estate." Eric Trump further explained in the New York Post that the platform would provide "collateral that everyone can have instant access to." In financial terms, collateral typically refers to assets pledged as security for a loan.
During his presidency, Trump was critical of cryptocurrencies, even labeling them as a "scam." However, his stance has since shifted, and he now positions himself as a proponent of digital currencies. Speaking at a major industry conference in Nashville, Tennessee, at the end of July, Trump promised that, if re-elected, he would be "the pro-innovation and pro-bitcoin president that America needs."
This new direction contrasts sharply with the current Biden administration, which has shown support for increased regulation of the cryptocurrency sector. Documents released in mid-August revealed that Trump held between $1 million and $5 million worth of ether, the world's second-largest cryptocurrency.
The platform, as described by Trump, will operate on decentralized finance (DeFi), a system that eliminates intermediaries like banks for conducting transactions. DeFi relies on blockchain technology, which maintains a theoretically inviolable and transparent ledger of transactions.