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Original Interview: Justin Sun, Founder @ TRON; Guests: Eric Trump, Executive VP @ The Trump Organization; Zach Witkoff，Co-Founder @ World Liberty Financial； Original compilation: Groove Small Deep Editor's note: In this discussion, Justin Sun, Zach Witkoff, and Eric Trump have a conversation around World Liberty Financial and the future of cryptocurrency. They criticized the traditional financial system for its low transparency, poor accessibility, and inefficiency, emphasizing that the USD1 stablecoin is committed to bringing financial freedom to the world's 1.4 billion unbanked people by providing transparent and fast cross-border payments through blockchain technology. They believe that cryptocurrencies will disrupt the outdated banking system, and that the innovation environment in the UAE and the United States under the new leadership will lead the change. The following is the original content (the original content has been edited for ease of reading and comprehension): TOKEN2049 OKX Main Stage, image source from TOKEN2049 WLFI Update Justin Sun: Zach, it's great to be here today! We've seen it a few times before in Dubai, and in just a few months, World Liberty Financial and all the projects we've worked with have made amazing progress. Congratulations! It's been a wonderful journey. What's next? Zach Witkoff: Justin, thank you for your support. Tron is an amazing technology, and we're fortunate to work with you and other innovative projects. You have been a leader in this field, and we are very grateful. Justin Sun: Absolutely. World Liberty Financial has been in the spotlight lately, with constant updates and a market capitalization of $2 billion, which is amazing! Can you share a little bit more about this project and what you see for the future? Zach Witkoff: World Liberty Financial was founded because we found many flaws in the traditional financial system. There are so many questions that I can't list them all today, but I'll start with a few. The first is the lack of transparency. The big banks lack transparency, and no one knows what they're doing inside. They tend to serve only the top elite and even exploit customers. Then there's accessibility – a staggering 1.4 billion people around the world are unbanked. Third, cross-border payments are inefficient. My co-founders, Chase Hero and Zach Folkman, and I traveled the world and talked to governments, some of which had to pay as much as 9% in order to get dollars, which was outrageous. We are also excited today to announce that USD1 has been selected as the official stablecoin for MGX's $2 billion investment in ByteDance. Thanks to MGX and ByteDance for trusting us, this is just the beginning. Zach Witkoff, image via TOKEN2049 How is crypto reshaping the modern financial system? Justin Sun: Absolutely. Eric, you've said that the modern financial system is not "modern" at all. We see a similar "cancel culture" problem in the traditional financial system. Can you share your experiences and perspectives and how we are reshaping the financial system? Eric Trump: I've spent my whole career working in the traditional financial system, which works well for the top 1% or 0.1%, but not at all for most people. It wasn't until my family got involved in politics that I realized how fragile the system was. As soon as you say something they don't like, they will "cancel" you, ostracize you, or even chase you. This introduced me to cryptocurrency. I'm a big fan of hard assets – I've built buildings all over the world all my life. But for political reasons, the banks attacked us like beasts. I've found out that those who attack us are also targeting the crypto community. As the saying goes, the enemy of your enemy is your friend. That's why real estate and the crypto world come together. Real estate is illiquid, difficult to transfer, and only a few people can participate on a large scale. Cryptocurrencies, on the other hand, are highly liquid, easy to transfer, and can be participated by anyone, making them a perfect hedge for hard assets. Eric Trump, image via TOKEN2049 This experience made me see how outdated and dilapidated the modern financial system can be. Why does it take 90 to 120 days for a big bank like Chase Manhattan to lend to a 25-year-old customer? They are still using paper forms and outdated processes, and blockchain can do these in an instant, at a lower cost and with greater efficiency. Every week I'm chasing a wire transfer because the SWIFT system is simply unreliable. Cryptocurrencies can transfer Bitcoin, USD1, or other currencies around the world in seconds – cheaper, faster, and more transparent. When the bank canceled our family's account for political reasons, we became the most "canceled" people in the world. I believe that cryptocurrencies and our efforts at World Liberty Financial will make those banks regret it. They will be left behind, and the financial system will be completely changed. Zach Witkoff: Justin, we at World Liberty Financial often say, "Pigs get fat, greedy pigs get slaughtered." Justin Sun: Haha, that's right! World Liberty Financial is a great example of how we can change the world with finance. If those banks don't join us sooner, they're going to be left behind, right? Zach Witkoff: Exactly. The banks had only two options: either they would reverse their huge "freighter", which would take a lot of time; Or, as you say, thrown in the dust. Time will tell which path they choose, but hopefully they are on the right side of history. Justin Sun: Absolutely. Eric Trump: It's almost impossible for banks to turn around because their entire business model relies on arbitrage and fees that cryptocurrencies can easily replace. Transferring money from New York to Abu Dhabi is a nightmare – finding a bank branch, dealing with exchange rates, trusting each other, and paying for the issuing bank, the receiving bank, currency conversion and technology. Cryptocurrencies make all of this redundant. If banks don't embrace cryptocurrencies now, they'll be as obsolete as the old-fashioned film cameras of the digital age. Their system hasn't changed much since the '70s, and encryption is developing 100 times faster. They can't keep up with the innovation of the people in this room. Nothing makes me happier than seeing the banks that viciously attacked us and others defeated by us. Justin Sun: That's right. One of the great advantages of the crypto world is transparency. Everything that happens on the blockchain is clear at a glance. Trust in traditional finance has hit rock bottom. In the U.S., banks can go bankrupt overnight; In Hong Kong, clients don't even know where the $5 million money went. Blockchain makes this impossible because everything is transparent. Zach Witkoff: Justin, that's a great point. We built USD1 not only to enable seamless cross-border transactions, but also to ensure transparency and consumer safety. Our industry can't have any more scams. USD1 will be the most transparent and regulated stablecoin in the world, with monthly audit reports. We are backed 1:1 by short-term Treasuries and cash equivalents. Think about it, would you rather keep your money in a 1:1-backed asset, or in a tiered reserve bank account where you don't even know the details? How does WLFI democratize finance? Justin Sun: Eric, everyone is familiar with your family and business, but may not know your commitment to financial freedom. Can you talk about how World Liberty Financial delivers that value? Eric Trump: In 2019 and 2021, I got letters from some of the big banks – these are the ones we've been working with for 20, 30 or even 40 years – that our accounts were cancelled. This happened in the United States, the world's economic superpower. I can't believe that this "cancel culture" has taken the world by storm, and thankfully the Middle East, especially the UAE, has resisted this absurdity very well. You will find that a person sitting in a high bank building can ruin your life, business, and livelihood. Our family has enough resources and influence to fight back, but most people don't. In countries with high inflation or a lack of technology, people are completely excluded from the financial system. But now almost everyone has a phone in their pocket. With mobile phones and stablecoins like USD1 that are backed 1:1 by U.S. Treasuries, people can invest, participate in the global economy, and no longer be at the mercy of unreliable governments or currencies. Cryptocurrencies are like the spread of knowledge on the Internet, creating a level playing field. This is a blessing for humanity and why we are proud of USD1 and World Liberty Financial. The U.S. dollar is highly prized globally – many places in South America, Asia want the U.S. dollar because it's stable and tradable. Digitize the U.S. dollar and bring it to the world with USD1, safely and conveniently. That's why World Liberty Financial is exploding, and that's why everyone is talking about USD1. Justin Sun: Absolutely. This is in line with our original intention of founding Tron – to build a crypto ecosystem that serves financial freedom, not for money. Big banks shut out billions of people because they were unprofitable. We are proud to partner with USD1 to launch this stablecoin that will give all 7 billion people the opportunity to enjoy financial freedom. Zach Witkoff: Justin, you just accidentally slipped through the cracks, but I'm happy to announce that USD1 is natively integrated into Tron. We will start minting hundreds of millions of dollars in USD1, which is expected to reach billions of market caps soon. Thank you very much for your support. Our goal at World Liberty Financial is to democratize finance, bridging DeFi and traditional finance. In the next four to five years, DeFi and traditional finance will be seamlessly integrated and will no longer be separated. What else should the U.S. do in crypto? Justin Sun: Zach, the new U.S. administration is working hard to make the crypto industry more competitive. What else do you think they can do to shape the future of America in conjunction with World Liberty Financial's efforts? Justin Sun, image from TOKEN2049 Zach Witkoff: We should learn from the UAE. They innovate while preserving family and cultural values and are one of the most innovative countries in the world. They make decisions quickly while protecting consumers in a reasonable way and not hindering innovation. If the United States can follow this model, the prospects are limitless. Justin Sun: Eric, you've been to Dubai many times and have seen the city grow from zero to where it is today. When I first participated in Token 2049, it was much smaller than it is now. Today it has become a crypto hub. What do you think? Eric Trump: I've been coming to the UAE since 2006 and have been working here since 2011, 2012 to build a great golf course and recently announced the Trump International Hotel on Sheikh Zayed Road. The UAE is quick to say yes to a good idea. In Europe, by contrast, bureaucracy is desperate – in Ireland, it took seven years and countless dollars to adjust a golf course green from a miniature snail. It's not the same in the UAE, where we got a one-month permit for a 1,150-foot building with the world's tallest swimming pool because they embrace innovation. The UAE looks to the future and plans for 30 years from now, rather than dwelling on the past. This fits perfectly with the idea of crypto. The rest of the world is not yet aware of the future trends. A year ago, a friend of mine who runs a bank in Connecticut called crypto "funny money." Now he's running up and asking me how I can invest in World Liberty Financial and Bitcoin. We are in the early conversational phase of the crypto revolution, and the one who sees the trend now will be the winner. The UAE and the United States, under excellent leadership, have seen this. The old financial system — banks with a 9-to-5 and an hour and a half lunch break, employing thousands of people to do inconsequential things — is outdated. Flexible, forward-thinking regions like the UAE and the US will win this crypto revolution. Justin Sun: I've been to Dubai many times and last year I got my UAE ID card, which is much faster than the US DMV! I'm going to the U.S. in May to see the dramatic changes that a new government has brought about 100 days after it came to power. It's really going in a good direction. Zach Witkoff: Absolutely. As Eric says, good leadership leads to good results. The UAE is one of the most successful countries in the world, with a high level of happiness among its citizens. People come and don't want to leave because there is great leadership here. They are leading in crypto, artificial intelligence, robotics, and USD1 will play a key role in this new digital world. Justin Sun: Finally, Zach and Eric, what other thoughts do you have on crypto and financial freedom? Zach Witkoff: World Liberty Financial has a lot of big plans, so stay tuned. We are moving forward with multiple DeFi integrations and hope that USD1 will become the stablecoin of choice for the DeFi and CeFi ecosystems. At the same time, co-founders Zach and Chase, as well as Eric and his brother, are also working to integrate USD1 into the traditional retail payment system. Our goal is for you to spend USD1 at a hotel in Abu Dhabi or a deli in New York. That day is not too far away. Thank you, Justin, for your tremendous support. Eric Trump: [jokingly] Zach almost got beaten up, you have to say USD1 at the Trump International Hotel, not the Four Seasons! Our team – Zach, Chase, Scott, and others – work tirelessly every day to modernize finance. The crypto industry must self-regulate to avoid scams while improving the user experience. DeFi is too complicated right now – wallets, Aave, MetaMask, gas fees, Swap, and the average person can't understand it at all. We need to make it simple and intuitive, and the faster we can do that, the faster we can adopt it at scale, and the faster we can beat the big banks that hate us. On behalf of my family and team, thank you to Dubai, Abu Dhabi, the UAE, and everyone here for your trust in World Liberty Financial. We love you! Zach Witkoff: Love you guys! Thank you! Justin Sun: Love you guys! Thank you! 「Original link」

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