World Liberty Financial, a decentralized finance (DeFi) project backed by the Trump family, has completed its second public token sale, raising $250 million from investors.

WLFI launched on Sept. 16, 2024, with the goal of promoting DeFi and stablecoins pegged to the US dollar. The project is endorsed by President Donald Trump and his sons — Eric, Donald Jr. and Barron — who have positioned it as a step toward financial innovation and a shift away from traditional banking.

The company has now raised about $550 million by selling 25% of the crypto asset’s total supply. Its first token sale, which opened on Oct. 15, 2024, netted the company about $300 million by selling 20 billion WLFI tokens for $0.015 each. 

On Jan. 20, the company announced another round of token sales “due to massive demand and overwhelming interest,” offering 5 billion tokens at $0.05 each — a 230% price increase from the first sale. The sale, completed on March 14, met its full target of $250 million.

WLFI raised over $590 million since launch

Even before the public token sales, the company had been attracting investment from crypto executives. On Nov. 25, 2024, Tron Founder Justin Sun announced a $30 million investment in WLFI. Etherscan data shows Sun received 2 billion WLFI tokens in return at $0.015 a piece. 

On Jan. 27, investment platform Web3Port announced a $10 million investment into the crypto project. The company said it plans additional purchases and is exploring a “long-term partnership” with the DeFi project. 

On Feb. 11, venture capital firm Oddiyana Ventures announced a strategic investment in World Liberty Financial. However, the company did not disclose how much it invested. 

Related: Democrat lawmaker urges Treasury to cease Trump’s Bitcoin reserve plans

WLFI faces community concerns over legitimacy and business model

While the company has raised over half a billion dollars, some crypto community members voiced concerns about whether it offers innovation or is just another cash grab.  

In an X post, 6MV managing partner Mike Dudas said the project was a “pay-to-play” scheme, not a DeFi gateway that would introduce new users to crypto. 

Yearn.finance creator and Sonic Labs co-founder Andre Cronje also questioned the company’s high fees and reinvestment strategies. The executive said the company simply extracts value from crypto firms rather than providing utility. 

WLFI has not publicly addressed these criticisms.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Hong Kong-based crypto payment platform RedotPay closed a $40 million Series A funding round led by Lightspeed, with participation from HSG and Galaxy Ventures.

RedotPay aims to enable cryptocurrency use in everyday transactions while simplifying blockchain transactions for spenders, akin to fiat. In November 2023, the company launched its own physical Visa cards, which can be used for ATM cash withdrawals, along with a virtual card that supports digital payment services like Apple Pay and Google Pay.

The company has expanded its blockchain integrations, adding Solana in December 2024 and Ethereum layer 2 Arbitrum in February. Additionally, it partnered with StraitX and Visa to support retail crypto payments in Singapore.

Still, RedotPay appears to have cross-border service restrictions. Visitors outside Hong Kong are greeted with a warning when accessing the company’s website.

RedotPay appears to have cross-border service restrictions. Visitors outside Hong Kong Source: RedotPay

Crypto payments options rising in Asia, with stablecoins at the forefront

Direct cryptocurrency payment solutions are gaining traction across Asia. In November 2024, Singapore-based digital asset trading platform Crypto.com partnered with Triple-A to enable direct crypto payments, eliminating the need to convert crypto into fiat.

Hong Kong has its share of competitors. Infini, a stablecoin-focused crypto payment firm, offers payment services while earning yields. However, it recently suffered a $50 million USDC exploit, allegedly orchestrated by a rogue developer who swapped USDC for DAI — a decentralized stablecoin that cannot be frozen like its centralized counterparts.

Related: Infini loses $50M in exploit; developer deception suspected

Unlike volatile cryptocurrencies like Bitcoin (BTC) or Ether (ETH), stablecoins can offer a more consistent option to hold for those who want to use them for payments, as the assets are designed to maintain a value pegged to their fiat counterparts. 

Japan, the second-largest Asian economy by gross domestic product, is making significant strides in stablecoin adoption. A recent report by Tokyo-based research and consulting firm Yuri Group shared with Cointelegraph Magazine suggests that the Japanese government views stablecoins as a potential catalyst to unlock $14 trillion in household savings.

Japan’s eyes digital assets resurgence behind established financial institutions. Source: Yuri Group

Yuri Group highlights Progmat as a key player in Japan’s digital asset ecosystem. Backed by the nation’s largest bank, Mitsubishi UFJ Progmat operates in compliance with Japan’s strict regulatory framework, which mandates a 1:1 reserve backing. This ensures that Japan’s established financial institutions remain at the forefront of digital asset management.

In contrast, China, Asia’s largest economy, has banned cryptocurrency trading and recognizes the renminbi as the country’s sole legal tender.

Magazine: How Chinese traders and miners get around China’s crypto ban