Eric Trump Champions Crypto at Token2049: Launches USD1 and Calls for a Reset of Financial Norms

By: bitcoin ethereum news|2025/05/04 05:15:02
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The Token2049 conference in Dubai, one of the premier events in the global crypto calendar, hosted a striking moment of convergence between legacy politics and decentralized innovation. On its stage, Eric Trump, son of former U.S. President Donald Trump, boldly endorsed blockchain technology while firmly rejecting the traditional financial system. As for what he was endorsing, let’s be clear. At the center of Trump’s presentation was USD1, a new dollar-pegged stablecoin launched in collaboration with TRON DAO. We might reasonably conjecture, then, that the former president’s son is in favor of building a finance system based on stablecoins, using the dollar as a base and blockchain.Trump presented USD1 and the principles underlying it—transparency, accessibility, and trust—as the foundations for rebuilding the financial system. More than just a celebrity stepping into the crypto world, Trump’s representation announced something meant to hit home with a huge range of people, from big financial players to normal folks. He put his name on the decentralized finance platform WLFI, from which he might be drawing some not insubstantial payments, and used that platform, from which he was apparently at least a tiny bit presidential, to stake out an old-vs-new financial system position. A New Dollar for a Digital Age Trump’s keynote was marked by the emergence of USD1—”the digital dollar, fully backed by U.S. Treasuries and cash equivalents.” Designed to provide both security and accessibility, USD1 is hosted on the high-throughput TRON blockchain, a different sort of animal than Bitcoin, which operates on an older, more cumbersome protocol. By anchoring USD1 to traditional financial instruments while deploying it on a next-gen network, the Trump administration aims to give users a stable, reliable, and fluid digital dollar that works across the world. ️ OG Update from Token2049 Dubai: @EricTrump took the stage to back $WLFI and announce the launch of USD1 on @trondao . A move he framed as a return to blockchain’s fundamentals: public, transparent, secure. He called out the old system: “Big banks are outdated. Crypto is the... pic.twitter.com/EnfPZEHJAI — OG General (@TheOG_General) May 1, 2025 “Outdated are the big banks. The future belongs to crypto,” Trump told a packed house. His message underscored the mounting anger at the establishment that is traditional finance—a sentiment held by almost all of those in the crypto community. In the next breath, he warned that those who don’t embrace the digital transformation that’s happening in finance are going to “be left behind,” a reference that made it clear that for him, as for so many in the crypto space, blockchain isn’t just a new asset class. It’s the whole new ball game that is global finance. Attendees who regard stablecoins as a vital preliminary stage leading to both financial inclusion and tech progress really resonated with what he said. They also might have welcomed the slight dig at the digitization of the dollar. After all, with inflation, fears and geopolitical uncertainty are such these days, the case for an alternative to the dollar—one version of which, the user can hold and transfer with minimal friction, is a digital asset—seems stronger than ever. The Case for Simplicity: Mass Adoption Needs More Than Just Tech Generally, when it comes to speeches given at crypto conferences, their subjects tend to be quite specific mini-lessons on things like innovation, scaling, or regulatory environments. For his part, Donald Trump, the 45th president of the United States, seemed to deliver his Saturday afternoon conference address to really hammer (or more likely, to hand-hold) a topic that isn’t often discussed at the crypto altar: user experience. He said that financial freedom should not just belong to developers or early adopters. It should be something that anyone with a smartphone can access—anywhere in the world. That vision depends not just on safe code and a robust architecture that can scale, but also on design that makes sense, interfaces that are centered on humans, and platforms that inspire trust from the very first click. He urged builders throughout the ecosystem to emphasize access, clarity, and simplicity. He contended that the next wave of winners in the crypto space won’t just be the most technically advanced—they’ll be the ones who make their platforms feel familiar and empowering to the average person. This message struck a deep chord with an increasing number of developers and entrepreneurs who contend that the road to widespread acceptance must be paved with not just engineering but also empathy. In a marketplace that rewards, too often, the hype and complexity of what is being sold, the appeal for simplicity served as a reminder that successful technology, ultimately, serves not just protocols but also—and more importantly—people. The Road Ahead for USD1 and WLFI The proclaiming of the USD1 is a further addition of a stablecoin to a field that is becoming ever more overcrowded and crowded. What distinguishes this stablecoin is its association with traditional backing of a stable sort and with a publicity-shy figure like Eric Trump. It is too soon to say whether USD1 will achieve even a modicum of that kind of adoption. What we can say is: the very appearance of USD1 speaks to the crypto space’s continuing march into the kind of financial mental space occupied formerly by the now-defunct stablecoin Tether. With Trump’s endorsement, WLFI and TRON DAO have a great opportunity to attract fresh attention today from both retail and institutional investors. With the industry now maturing, conversations are moving toward the practicalities of what blockchain can do—conversations that are not always full of ”possible” dreams. And in those conversations, all over the crypto landscape, Trump’s transparent, usable, and globally accessible message may just become the tone we use to have those discussions. At Token2049 Dubai, it was more than a typical product launch. It was a sharp jab at the legacy financial system—and a call to the crypto community to create a fresh monetary ecosystem. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Source: https://nulltx.com/eric-trump-champions-crypto-at-token2049-launches-usd1-and-calls-for-a-reset-of-financial-norms/

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Debunking the AI Doomsday Myth: Why Establishment Inertia and the Software Wasteland Will Save Us

Original Title: Against Citrini7Original Author: John Loeber, ResearcherOriginal Translation: Ismay, BlockBeats


Editor's Note: Citrini7's cyberpunk-themed AI doomsday prophecy has sparked widespread discussion across the internet. However, this article presents a more pragmatic counter perspective. If Citrini envisions a digital tsunami instantly engulfing civilization, this author sees the resilient resistance of the human bureaucratic system, the profoundly flawed existing software ecosystem, and the long-overlooked cornerstone of heavy industry. This is a frontal clash between Silicon Valley fantasy and the iron law of reality, reminding us that the singularity may come, but it will never happen overnight.


The following is the original content:


Renowned market commentator Citrini7 recently published a captivating and widely circulated AI doomsday novel. While he acknowledges that the probability of some scenes occurring is extremely low, as someone who has witnessed multiple economic collapse prophecies, I want to challenge his views and present a more deterministic and optimistic future.


Never Underestimate "Institutional Inertia"


In 2007, people thought that against the backdrop of "peak oil," the United States' geopolitical status had come to an end; in 2008, they believed the dollar system was on the brink of collapse; in 2014, everyone thought AMD and NVIDIA were done for. Then ChatGPT emerged, and people thought Google was toast... Yet every time, existing institutions with deep-rooted inertia have proven to be far more resilient than onlookers imagined.


When Citrini talks about the fear of institutional turnover and rapid workforce displacement, he writes, "Even in fields we think rely on interpersonal relationships, cracks are showing. Take the real estate industry, where buyers have tolerated 5%-6% commissions for decades due to the information asymmetry between brokers and consumers..."


Seeing this, I couldn't help but chuckle. People have been proclaiming the "death of real estate agents" for 20 years now! This hardly requires any superintelligence; with Zillow, Redfin, or Opendoor, it's enough. But this example precisely proves the opposite of Citrini's view: although this workforce has long been deemed obsolete in the eyes of most, due to market inertia and regulatory capture, real estate agents' vitality is more tenacious than anyone's expectations a decade ago.


A few months ago, I just bought a house. The transaction process mandated that we hire a real estate agent, with lofty justifications. My buyer's agent made about $50,000 in this transaction, while his actual work — filling out forms and coordinating between multiple parties — amounted to no more than 10 hours, something I could have easily handled myself. The market will eventually move towards efficiency, providing fair pricing for labor, but this will be a long process.


I deeply understand the ways of inertia and change management: I once founded and sold a company whose core business was driving insurance brokerages from "manual service" to "software-driven." The iron rule I learned is: human societies in the real world are extremely complex, and things always take longer than you imagine — even when you account for this rule. This doesn't mean that the world won't undergo drastic changes, but rather that change will be more gradual, allowing us time to respond and adapt.


The Software Industry Has "Infinite Demand" for Labor


Recently, the software sector has seen a downturn as investors worry about the lack of moats in the backend systems of companies like Monday, Salesforce, Asana, making them easily replicable. Citrini and others believe that AI programming heralds the end of SaaS companies: one, products become homogenized, with zero profits, and two, jobs disappear.


But everyone overlooks one thing: the current state of these software products is simply terrible.


I'm qualified to say this because I've spent hundreds of thousands of dollars on Salesforce and Monday. Indeed, AI can enable competitors to replicate these products, but more importantly, AI can enable competitors to build better products. Stock price declines are not surprising: an industry relying on long-term lock-ins, lacking competitiveness, and filled with low-quality legacy incumbents is finally facing competition again.


From a broader perspective, almost all existing software is garbage, which is an undeniable fact. Every tool I've paid for is riddled with bugs; some software is so bad that I can't even pay for it (I've been unable to use Citibank's online transfer for the past three years); most web apps can't even get mobile and desktop responsiveness right; not a single product can fully deliver what you want. Silicon Valley darlings like Stripe and Linear only garner massive followings because they are not as disgustingly unusable as their competitors. If you ask a seasoned engineer, "Show me a truly perfect piece of software," all you'll get is prolonged silence and blank stares.


Here lies a profound truth: even as we approach a "software singularity," the human demand for software labor is nearly infinite. It's well known that the final few percentage points of perfection often require the most work. By this standard, almost every software product has at least a 100x improvement in complexity and features before reaching demand saturation.


I believe that most commentators who claim that the software industry is on the brink of extinction lack an intuitive understanding of software development. The software industry has been around for 50 years, and despite tremendous progress, it is always in a state of "not enough." As a programmer in 2020, my productivity matches that of hundreds of people in 1970, which is incredibly impressive leverage. However, there is still significant room for improvement. People underestimate the "Jevons Paradox": Efficiency improvements often lead to explosive growth in overall demand.


This does not mean that software engineering is an invincible job, but the industry's ability to absorb labor and its inertia far exceed imagination. The saturation process will be very slow, giving us enough time to adapt.


Redemption of "Reindustrialization"


Of course, labor reallocation is inevitable, such as in the driving sector. As Citrini pointed out, many white-collar jobs will experience disruptions. For positions like real estate brokers that have long lost tangible value and rely solely on momentum for income, AI may be the final straw.


But our lifesaver lies in the fact that the United States has almost infinite potential and demand for reindustrialization. You may have heard of "reshoring," but it goes far beyond that. We have essentially lost the ability to manufacture the core building blocks of modern life: batteries, motors, small-scale semiconductors—the entire electricity supply chain is almost entirely dependent on overseas sources. What if there is a military conflict? What's even worse, did you know that China produces 90% of the world's synthetic ammonia? Once the supply is cut off, we can't even produce fertilizer and will face famine.


As long as you look to the physical world, you will find endless job opportunities that will benefit the country, create employment, and build essential infrastructure, all of which can receive bipartisan political support.


We have seen the economic and political winds shifting in this direction—discussions on reshoring, deep tech, and "American vitality." My prediction is that when AI impacts the white-collar sector, the path of least political resistance will be to fund large-scale reindustrialization, absorbing labor through a "giant employment project." Fortunately, the physical world does not have a "singularity"; it is constrained by friction.


We will rebuild bridges and roads. People will find that seeing tangible labor results is more fulfilling than spinning in the digital abstract world. The Salesforce senior product manager who lost a $180,000 salary may find a new job at the "California Seawater Desalination Plant" to end the 25-year drought. These facilities not only need to be built but also pursued with excellence and require long-term maintenance. As long as we are willing, the "Jevons Paradox" also applies to the physical world.


Towards Abundance


The goal of large-scale industrial engineering is abundance. The United States will once again achieve self-sufficiency, enabling large-scale, low-cost production. Moving beyond material scarcity is crucial: in the long run, if we do indeed lose a significant portion of white-collar jobs to AI, we must be able to maintain a high quality of life for the public. And as AI drives profit margins to zero, consumer goods will become extremely affordable, automatically fulfilling this objective.


My view is that different sectors of the economy will "take off" at different speeds, and the transformation in almost all areas will be slower than Citrini anticipates. To be clear, I am extremely bullish on AI and foresee a day when my own labor will be obsolete. But this will take time, and time gives us the opportunity to devise sound strategies.


At this point, preventing the kind of market collapse Citrini imagines is actually not difficult. The U.S. government's performance during the pandemic has demonstrated its proactive and decisive crisis response. If necessary, massive stimulus policies will quickly intervene. Although I am somewhat displeased by its inefficiency, that is not the focus. The focus is on safeguarding material prosperity in people's lives—a universal well-being that gives legitimacy to a nation and upholds the social contract, rather than stubbornly adhering to past accounting metrics or economic dogma.


If we can maintain sharpness and responsiveness in this slow but sure technological transformation, we will eventually emerge unscathed.


Source: Original Post Link


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