On Thursday, Donald Trump introduced “The DeFiant Ones,” a decentralized finance (DeFi) initiative on his social media platform, Truth Social. Trump’s sons, Donald Jr. and Eric Trump, are spearheading the project.

So far, the Trump family has not revealed much details about the new DeFi project.

MAGA Meme Coin Surges

However, Trump claims that the new project aims to challenge traditional financial institutions and empower the average American.

“For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together,” Trump stated

He also included a link directing followers to the project’s official Telegram channel, which has already amassed over 34,000 subscribers. The Telegram channel, established on August 7, is described by organizers as the sole official group for updates and news related to the DeFi project.

While specific details about “The DeFiant Ones” remain scant, speculation is rife. Eric Trump has hinted at the concept of “digital real estate,” potentially involving selling digitized assets in the metaverse or tokenizing real-world assets (RWAs). Consequently, these speculations have stirred discussions around whether the project might introduce another meme coin or pivot towards tokenizing tangible assets.

Despite the lack of clarity, the MAGA (TRUMP) meme coin experienced a sharp increase in value, soaring by nearly 21% within 24 hours. However, this meme coin does not have any official ties with the former US President.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

This announcement marks a notable shift in Trump’s perspective on crypto. During his presidency, he was openly critical of digital currencies, once labeling Bitcoin as a scam.

However, his recent statements have shown a more favorable stance towards crypto. Last month, Trump spoke at the Bitcoin 2024 conference in Nashville, where he promised to fire Gary Gensler if he wins the election. That being said, Trump reportedly raised a massive $25 million through the Bitcoin Conference.

Moreover, he recently suggested that Bitcoin could play a role in resolving the US’s massive national debt.

“Who knows? Maybe we’ll pay off our $35 trillion dollars, hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe out our $35 trillion,” Trump commented in an interview.

Read more: How to Protect Yourself From Inflation Using Cryptocurrency

Furthermore, the Trump campaign has embraced cryptocurrencies, beginning to accept donations in Bitcoin, Ethereum, XRP, and USDC since May. As of the second quarter, the campaign has accumulated $4 million in crypto contributions.