The Trump family is being shut out by traditional banks? Eric Trump criticizes that Blockchain will eliminate them, Crypto is the future.

Eric Trump, son of former U.S. President Donald Trump, delivered a speech at the Token 2049 conference held in Dubai, promoting not only his own financial project "World Liberty Financial" and the stablecoin "USD1", but also publicly criticizing the traditional banking system as "outdated and corrupt." He stated: "Crypto Assets will replace large banking institutions, causing them to be eliminated by the times."

The discussion focuses on "breaking financial hegemony", and WLF was born for this purpose.

Eric Trump opened by saying that blockchain will not only fundamentally change the world, but WLF was also born to address the long-standing issues of the financial system. He revealed:

Opaque: Large banks only serve the elite at the top, operating in an internal black box.

Unable to popularize: 1.4 billion people worldwide still lack access to financial services.

Low efficiency in cross-border transactions: Many countries face transaction fees of up to 9% when paying in USD, which is hard to accept.

Claiming a $2 billion investment case settled in USD1, purchasing houses with Bitcoin.

Eric Trump announced on site that a $2 billion investment will be settled using their own stablecoin "USD1". This transaction is in collaboration with MGX and Binance.

He also emphasized that future real estate projects will accept Bitcoin (BTC) as payment, and praised the technical potential of Ethereum (ETH), showing a high expectation for blockchain applications.

The Trump family faced a "blockade" turning point, choosing to embrace Crypto Assets.

Eric Trump stated that the family has faced "blockades" from financial institutions due to political factors, with several banks that have cooperated for decades closing their accounts, which made him deeply realize the injustice and fragility of the financial system.

"This system only benefits 0.1%. Once you disobey, they can destroy you," he said.

Also because of this, he began to delve into understanding Crypto Assets and believed that blockchain and real estate, these two types of assets, could complement each other.

How bad is traditional finance? He pointed out that SWIFT, loan processes, and transaction fees are all outdated.

Eric Trump believes that the traditional financial system is completely out of touch with the times. He gave an example:

Banks often take 90 days to disburse loans, with cumbersome processes and the need to fill out paper forms.

SWIFT remittance will be issued on Friday afternoon and may not be credited until Monday.

In the remittance process, the sending bank, receiving bank, and foreign exchange institution each take a cut.

He directly called out: "Traditional financial institutions have only two options, either change or be eliminated."

Emphasize that the stablecoin USD1 is compliant, transparent, and backed by assets one-to-one.

Regarding the self-launched stablecoin "USD1", Eric Trump emphasized that the highest standards of transparency will be adopted:

Release audit reports monthly

Fully backed one-to-one by short-term US Treasury bonds and cash equivalents.

Committed to becoming the most transparent and compliant stablecoin in the world.

Building a future of financial freedom starts in the Middle East.

Eric Trump specifically pointed out that the practices of the UAE and the Middle East in combating "cancel culture" are commendable, and he believes that the Middle East will become a new starting point for financial innovation.

He stated: "Too many people around the world do not have financial freedom, and this is a global systemic issue."

The call is to make the crypto world more intuitive and user-friendly.

Eric Trump concluded by stressing that the future of crypto must:

Enhance user experience: Don't let newcomers be scared away by MetaMask and Gas Fee.

Self-discipline to combat fraud: The industry must eliminate bad projects in order to truly grow.

Combining finance with humanity: Crypto operators also need to learn the "art of hospitality".

( WLFI, based in Dubai, announces USD1 as the official stablecoin for the UAE MGX investment of 2 billion USD ).

This article discusses whether the Trump family is being blocked by traditional banks? Eric Trump criticizes that blockchain will eliminate them, and Crypto is the future, first appearing on Chain News ABMedia.