World Liberty Financial (WLFI), the decentralized finance protocol backed by U.S. President Donald Trump and his family, confirmed on Tuesday its plans to launch a U.S. dollar-backed stablecoin.

His crypto project World Liberty Financial has launched a stablecoin, or a token pegged to a fiat currency like the U.S. dollar, according to Bitcoin or Ethereum can soar or plummet 10% in hours.