Trump-Backed Crypto Firm Plans Stablecoin Audit and New App Amid Token Trade Speculation

World Liberty Financial (WLF), the cryptocurrency platform backed by U.S. President Donald Trump, is planning to release an audit of its stablecoin and launch a new app aimed at simplifying crypto use for everyday investors. Zak Folkman, co-founder of WLF, made the announcement during an interview at the Permissionless conference hosted by Blockworks in Brooklyn. He added that the audit would be available on the company’s website in the coming days.

Folkman also hinted at the possibility of making WLF’s governance token, WLFI, tradable in the near future. Currently, the token grants holders the ability to vote on protocol changes and influence the project’s direction, but it cannot be traded. “If you pay attention over the next couple of weeks, I think everyone…is going to be very, very happy,” he said, fueling speculation about the token’s evolving role.

Since its launch just two months before the 2024 U.S. presidential election, WLFI has reportedly generated hundreds of millions of dollars in revenue for the Trump family business. This financial windfall has raised eyebrows among critics, who see it as a potential conflict of interest, especially given the administration’s concurrent rollback of crypto regulations and enforcement.

Democratic lawmakers and government ethics watchdogs have voiced concerns that Trump’s involvement in cryptocurrency initiatives could blur the line between public policy and private gain. Despite assurances from the Trump Organization that the president’s assets and investments are managed by a trust overseen by his children, critics argue that the proximity of policymaking and profit remains problematic.

Neither the White House nor the Trump Organization has responded to Reuters’ requests for comment on the matter. Meanwhile, WLF continues to draw attention as it forges ahead with product developments and strategic announcements, positioning itself as a major player in the rapidly evolving crypto landscape under the close scrutiny of both the public and political institutions.

Source: Reuters