Donald Trump Launches DeFi Initiative ‘The DeFiant Ones,’ Signaling Shift Toward Cryptocurrency

Donald Trump Launches DeFi Initiative ‘The DeFiant Ones,’ Signaling Shift Toward Cryptocurrency

On Thursday, Donald Trump unveiled a new initiative called “The DeFiant Ones” on his social media platform, Truth Social. This decentralized finance (DeFi) project is being led by his sons, Donald Jr. and Eric Trump.

Details surrounding the project remain sparse, with the Trump family keeping specifics under wraps. However, Trump has positioned the initiative as a challenge to traditional financial institutions, aiming to empower everyday Americans.

“For far too long, the average American has been squeezed by big banks and financial elites. It’s time we take a stand—together,” Trump declared, providing a link to the project’s official Telegram channel. The channel, which has already attracted over 34,000 subscribers since its creation on August 7, is described as the sole official source for updates and news related to the DeFi initiative.

Speculation about “The DeFiant Ones” is widespread, despite the limited information available. Eric Trump has hinted at the concept of “digital real estate,” potentially involving the sale of digitized assets in the metaverse or the tokenization of real-world assets (RWAs). This has led to discussions about whether the project will introduce another meme coin or focus on tokenizing tangible assets.

Amid this uncertainty, the MAGA (TRUMP) meme coin saw a significant surge in value, jumping nearly 21% within 24 hours. However, it is important to note that this coin has no official affiliation with the former U.S. President.

This announcement signifies a notable shift in Trump’s attitude towards cryptocurrency. While he was openly critical of digital currencies during his presidency—once calling Bitcoin a scam—his recent remarks have been more supportive. Last month, Trump spoke at the Bitcoin 2024 conference in Nashville, where he vowed to fire Gary Gensler if re-elected. Reports suggest that Trump raised an impressive $25 million through the conference.

Additionally, Trump recently proposed that Bitcoin could play a role in addressing the U.S.’s substantial national debt. “Who knows? Maybe we’ll pay off our $35 trillion, hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe out our $35 trillion,” he mused during an interview.

The Trump campaign has also fully embraced cryptocurrencies, accepting donations in Bitcoin, Ethereum, XRP, and USDC since May. As of the second quarter, the campaign has amassed $4 million in crypto contributions.