Trump-backed World Liberty Financial swaps approximately $90 million worth of stablecoins for ETH, LINK and other tokens

World Liberty Financial, the Trump-backed DeFi protocol, is swapping stablecoins for Ethereum’s native token ether, onchain data shows. The project is also apparently loading up on Chainlink's LINK, Ethena's ENA and TRON's TRX tokens.

Beginning about three hours ago (at press time), the project began sending outflows of its USDC and USDT stablecoin holdings to CoW Swap, the low-cost decentralized exchange named for the "coincidence of wants" economic theory. 

Arkham Research data shows that over the past three hours, World Liberty has sent over $10 million worth of USDC to CoW Swap in a number of transactions, most structured as blocks of $470,000. There have also been 17 transactions involving $4.7 million blocks of USDT, totaling approximately $80 million.

The move comes on the heels of World Liberty finally completing the sale of 20% of its WLFI 100 billion token supply (netting $300 million), as the President-elect Donald Trump is set to take office. Trump has vowed to become the first “Crypto President.”

On Sunday, Trump's son Eric signaled World Liberty Financial would be making additional purchases , after onchain analyst LooksOnChain noted the project purchased about $20 million worth of ETH , as The Block previously reported. "Wait until you see what they do tomorrow!," the younger son of Trump's first marriage with Ivana Trump said.

Despite the initially sluggish start to the WLFI token sale, initially announced in September, investors appear to be rushing into the project. For instance, the project’s biggest investor, TRON founder Justin Sun, said on Sunday he plans to purchase an additional $45 million into World Liberty, bringing his total investment to $75 million.

The team announced it would “open up” an additional 5 billion tokens for sale to accredited U.S. investors and non-U.S. citizens, which could net an additional $250 million for the project at a price of $0.05 per token.

On Sunday, when the World Liberty team sent over $33 million worth of stablecoins to CoW Swap in a series of 10 transactions, Arkham Research data shows. Most of those transactions were in blocks of $5 million worth of either USDT or USDC. 

This is not World Liberty's first time swapping stablecoins to diversify its crypto holdings . In December, the project purchased approximately $5 million worth of ETH and also loaded up on AAVE, the native token of the eponymous DeFi protocol from which World Liberty was forked. 

According to Arkham, World Liberty holds $171.3 million worth of ETH, $20.5 million worth of wrapped bitcoin and shy of $110 million worth of combined USDT and USDC holdings. It also holds fewer LINK, ENA and Sun’s TRX, among other holdings. 

Editor's note: Adds context from Eric Trump.