DJT, which operates Truth Social, has expressed interest in creating its own cryptocurrency. The platform is currently looking for additional opportunities to build on its existing offerings. The potential move comes as DJT, majority-owned by U.S. President Donald Trump, explores new avenues for revenue and user engagement. News of the potential crypto project didn’t seem to change the score much with Trump himself.
DJT’s stock dipped down slightly in after-hours trading, losing 0.52% after the announcement. This tepid market response would seem to indicate that investors are still wary of the company’s entrance into the risky cryptocurrency market.
According to arguments made by Trump Media & Technology Group, the crypto would be a utility token used in the Truth Social ecosystem.
As part of our rewards program, we're exploring the introduction of a utility token with a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere. - Trump Media & Technology Group
The first use case of the token would be to pay subscription fees for Truth+, the platform’s premium service. Looking ahead, the company aims to broaden the token's utility across various products and services within the Truth Social environment.
This would not be Donald Trump’s first venture into the digital asset space. Over the years, he has released a variety of crypto products, including memecoins, NFT collections, and even a DeFi protocol. These projects have been largely successful and highly contentious.
A rumored upcoming Truth Social cryptocurrency raises questions about regulatory compliance and investor security. Yet this introduces new doubts over the life of the project. The company isn’t standing still. To win their trust—from users to investors—it needs to prove it can tackle these challenges in good faith.
