Ukraine proposes $100 bln US weapons deal for security guarantees - FT
Investing.com - Donald Trump-linked crypto venture World Liberty Financial has placed a $10 million strategic investment into digital token infrastructure platform Falcon Finance, Falcon announced on Wednesday.
In a statement, Falcon Finance said the funding will accelerate a push to advance its operations to allow for "seamless conversions" between its stablecoin and another backed by World Liberty.
The stablecoin, Falcon USD, or USDf, reached $1 billion in circulation on Tuesday, media reports have said.
Meanwhile, World Liberty, which is targeting delivering a system that allows people to access financial services without intermediaries such as banks, first launched in March USD1 -- a dollar-pegged stablecoin backed by dollar deposits, U.S. Treasuries and other cash equivalents.
World Liberty co-founder Zak Folkman said the partnership with Falcon Finance "represents a significant step forward" in its mission to build a "comprehensive decentralized finance ecosystem."
USD1 has rapidly grown in notoriety, garnering a market capitalization of around $2.18 billion, according to CoinMarketCap data. However, USD1 -- one of a host of crypto ventures related to the Trump family -- has been at the center of transactions which have drawn criticism from government ethics experts and the president’s political opponents over perceived conflicts of interest.
So-called "stablecoins" like USDC and Tether have grown in popularity in recent years, becoming a crucial mechanism in the multi-trillion dollar crypto industry which helps move funds between other digital tokens or into cash. Issuers can earn money by accruing interest from the assets which underpin stablecoins.
Falcon Finance, which oversees a platform that lets users swap tokens, released a roadmap earlier this week in which it laid out plans to become a financial institution that connects "traditional banking, centralized crypto and decentralized finance."
The World Liberty investment comes at a "key moment" for Falcon Finance, said Managing Partner Andrei Grachev.
"As we expand USDf across new markets and connect to more real-world assets, we are focused on building stable, reliable tools that can move across chains and platforms," Grachev said.
"Partnering with [World Liberty] allows us to link synthetic and fiat-backed digital dollars in a way that serves both retail users and institutional systems. It brings us closer to our goal of making USDf part of everyday financial infrastructure.”