cross-posted from: https://lemmy.world/post/48169514
Some fighters will receive bonuses in ‘stablecoins’ issued by Trump family business World Liberty Financial
The Ultimate Fighting Championship (UFC) announced on Friday that it will pay bonuses to fighters in a form of cryptocurrency issued by Trump family business World Liberty Financial at the heavily publicized White House mixed martial arts event on Sunday.
The development connects the Trump family’s financial interests to the high-profile UFC competition being promoted on government property. The competition on the south White House lawn is scheduled for 14 June, Donald Trump’s birthday.
The UFC said some fighters will receive bonuses in World Liberty Financial crypto called “stablecoins”, whose value is pegged to the US dollar. World Liberty named the currency “USD1”.
Well stable coins are worth 1:1 of what the currency they’re pegged to is.
If people are willing to trade real money for it, then it has worth. That’s literally how all money works, it’s all fake.
However, since this is Trump, we can be pretty sure that this “stable coin” isn’t actually backed by real money (other stable coins like USDC go through an extensive audit process to ensure the assets are backed by fiat currency), so who knows what kind of sketchy shit will happen when they all try to cash it in at once.
If they can even sell it. One of the other Trump coin pump and dump schemes involved blocking selling by anyone except a couple select people. So even if someone knew it was a pump and dump, and wanted to try to time it right to make some money, they couldn’t even do that because they couldn’t sell the coins.