Eric Trump delivered a speech at the Token 2049 conference in Dubai, not only promoting his financial project "World Liberty Financial" and stablecoin "USD1", but also openly criticizing the traditional banking system as "outdated and corrupt". He directly stated: "Cryptocurrencies will replace large banking institutions and be eliminated by the times."
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ToggleDiscussion focused on "breaking financial hegemony", WLF was born for this
Eric Trump directly stated that Blockchain will not only completely change the world, but WLF was also born to solve the long-standing ills of the financial system. He revealed:
Lack of transparency: Large banks only serve top-tier elites and operate in a black box
Inability to popularize: Globally, 1.4 billion people cannot enjoy financial services
Low cross-border transaction efficiency: Many countries pay up to 9% in USD transaction fees, which is hard to accept
Claimed to have a $2 billion investment case settled with USD1 and paying for houses with Bitcoin
Eric Trump announced on-site that an investment case worth $2 billion will be settled with his stablecoin "USD1", a transaction in collaboration with MGX and Binance.
He simultaneously emphasized that future real estate projects will accept Bitcoin (BTC) payments and praised Ethereum's (ETH) technical potential, demonstrating high expectations for Blockchain applications.
Trump family's "blockade" became a turning point, choosing to embrace cryptocurrency
Eric Trump candidly admitted that his family was "blockaded" by financial institutions due to political factors, with many banks they had collaborated with for decades closing their accounts, making him deeply understand the unfairness and fragility of the financial system.
"This system only benefits 0.1%, and once you don't comply, they can destroy you," he stated.
Because of this, he began to deeply understand cryptocurrencies and believes that Blockchain and real estate are two complementary asset types.
How bad is traditional finance? He points out SWIFT, loan processes, and fees are all outdated
Eric Trump believes the traditional financial system is completely out of touch with the times. He gave examples:
Banks take 90 days to approve loans, with complicated processes and paper forms
SWIFT transfers sent Friday afternoon might not arrive until Monday
- Each bank and exchange institution takes a cut during the transfer process
He directly stated: "Traditional financial institutions have only two choices: change or be eliminated."
Emphasizing stablecoin USD1 is compliant, transparent, and backed one-to-one
Regarding the stablecoin "USD1" launched by his company, Eric Trump emphasized adopting the highest transparency standards:
Publish audit reports monthly
Fully backed one-to-one by short-term US Treasury bonds and cash equivalents
Promising to become the world's most transparent and compliant stablecoin
Establishing financial freedom's future starts from the Middle East
Eric Trump particularly praised the United Arab Emirates and Middle Eastern regions for their approach to blocking "cancel culture" and believes the Middle East will become a new starting point for financial innovation.
He stated: "Too many people in the world do not have financial freedom, which is a global systemic problem."
Calling for making the crypto world more intuitive and user-friendly
Eric Trump finally emphasized that the future crypto world must:
Improve user experience: Do not let newcomers be scared away by MetaMask and gas fees
Self-regulate to combat fraud: The industry must clear out bad projects to truly grow
Combine finance with humanity: Crypto practitioners must also learn "customer service"
Risk Warning
Cryptocurrency investment carries high risks, and its price may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.
