Author: RWA Knowledge Circle

1. Another "Wealth Myth"?

On September 1, local time, the Trump family's cryptocurrency project World Liberty Financial (WLFI) officially launched on major exchanges. The tokens held by Trump himself through affiliated entities could be worth over $6 billion. In other words, his net worth increased by $6 billion in just one day.

However, behind the celebration often lurks significant risk. The TRUMP token, launched on January 17 of this year, serves as a cautionary tale. Within less than 48 hours of its launch, it surged into the top 20 cryptocurrencies globally, with a market cap peaking at $15 billion. However, the good times didn't last long, as the price experienced multiple halving events, and it has now dropped 90% from its peak, leaving retail investors to bear the losses.

Now, the Trump family is "issuing tokens one by one." What is different about this WLFI compared to the previous Trump coin?

2. This Time It's Not Just a Gimmick

Unlike past Trump coins, which were loosely associated and heavily meme-driven (gaining popularity through internet trends and lacking real application scenarios), WLFI is genuinely tied to the Trump family.

Its core revolves around the stablecoin USD1, which claims to be fully backed by cash and short-term government bonds; governance rights are held by the WLFI token. In official documents, Trump himself is listed as an "honorary co-founder," with Donald Jr., Eric, and Barron Trump also on the founder list. The family-related DT Marks DEFI LLC not only holds a significant amount of WLFI but can also directly share in the profits.

The operational logic of WLFI also differs from traditional stablecoins:

• Reserve generates interest →

• Interest enters protocol revenue →

• Revenue used to buy back and burn WLFI →

• Holders benefit indirectly.

In simple terms, it means using the profits from the stablecoin to buy back WLFI and then burn it, thereby turning WLFI into a governance token with deflationary properties.

The team background is no longer a makeshift assembly but is built by the Trump family, the New York real estate family Witkoff, and some long-term allies. WLFI aims to combine traditional finance and DeFi (decentralized finance: a financial service system based on blockchain smart contracts that does not rely on banks or brokers) through the stablecoin USD1 and the governance token WLFI.

However, project progress has been slow. Since its debut in September last year, it wasn't until March of this year that USD1 was launched, and it was only on September 1 that it announced integration with Raydium, BONK.fun, and Kamino on Solana. Core DeFi functions—such as lending and liquidity pools—have yet to go live.

3. The "Black Box" of Circulation Rate

Before WLFI's launch, the market's biggest concern was: how much can actually circulate?

Similar to circulating shares in the stock market, if original shareholders hold a large number of low-priced tokens without a lock-up period, they could cash out on the first day of listing, leaving the market "harvested."

WLFI had previously published an article explaining the initial circulation volume but later deleted it, leading to increased market skepticism. It was later re-released, disclosing an initial circulating supply of approximately 24.67 billion tokens (24.67% of the total supply). The remaining distribution is as follows:

• Token sales: 33.893%

• Community incentives: 32.6%

• Co-founders: 30%

• Team and advisors: 3.5%

At a price of $0.24, the circulating market cap is approximately $7 billion. Over 20% of the shares are directly held by the Trump family. Although these tokens cannot be traded temporarily, the future selling pressure always exists.

4. A Feast for Capital

Another aspect of WLFI is that capital parties have positioned themselves early and entered at low prices. In his 2025 financial disclosure, Trump stated that he profited $57.4 million through WLFI, holding as many as 15.75 billion tokens.

At the same time, several institutions entered early at costs far below retail prices:

• DWF Labs: bought at $0.10;

• Aqua One Fund: invested $100 million at $0.125;

• B2C2 Group: cumulatively invested $80 million;

• ALT 5 Sigma (a Nasdaq-listed company): committed to buying $1.5 billion worth at $0.20.

On-chain data shows that 80% of the top ten holders have chosen to take profits. The so-called "decentralized finance," in practice, still sees wealth flowing to large capital, drifting further away from the true ideals of decentralization.

5. Cold Reflection After the Frenzy Retreats

As of the completion of this article, on some platforms, the price of WLFI/USDT has dropped from $0.47 to $0.24, nearly halving for retail investors who entered at the peak. Whether WLFI can truly integrate into DeFi and build a healthy ecosystem remains a question. The fact proves that the high volatility of cryptocurrencies almost always comes with high risk; if it relies solely on short-term speculative funds, the project is ultimately unlikely to go far.

In contrast, the RWA (Real World Assets: mapping offline real assets onto the blockchain) sector is gradually becoming a bridge for the crypto industry to "move from virtual to real." Its logic is not to create one speculative game after another but to bring real assets onto the blockchain, making finance more transparent and robust.

For ordinary people, studying how the Trump family issues tokens may serve as a conversation starter; however, what is truly worth investing in is systematically learning the underlying logic and applications of RWA. Whether for companies seeking financing or individuals looking to enhance their workplace competitiveness, this knowledge can provide more lasting value, rather than being swept up in the aftermath of speculation.

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