Back in 2024, Nic Carter, a well-known crypto venture capitalist, was invited to join World Liberty Financial (WLFI) as an advisor. After his first conversation with co-founder Steve Witkoff, Carter quickly realized the project lacked a genuine product. He noted Witkoff’s unfamiliarity with basic crypto and DeFi concepts, concluding WLFI was essentially just launching a token without substance.
What Is World Liberty Financial?
WLFI made its public debut in September 2024, promoting itself as a decentralized finance platform. The project began private token sales shortly after, offering tokens as low as $0.015 each. By September 2025, the governance token, $WLFI, was publicly traded, following private rounds where prices rose to $0.05 per token. The Trump family and related entities stand to receive 75% of net proceeds from these token sales. At one point, their holdings were valued on paper at nearly $5 billion.
Beyond tokens, WLFI has expanded its ambitions. It launched a USD1 stablecoin that reportedly circulated over $3 billion at times and announced plans for a stablecoin-backed debit card expected in early 2026.
The Investor Perspective and Carter’s Warning
Despite being a supporter of Donald Trump, Carter’s skepticism about WLFI highlights a credibility shortfall. When the majority of token sale proceeds flow to founding members, there’s a clear incentive to push token sales aggressively, regardless of product maturity.
Now that $WLFI trades publicly, retail investors are entering at higher market prices compared to early private rounds, raising concerns about valuation. The stablecoin development could be significant if it sustains its scale, placing WLFI among major stablecoin issuers like Tether and USDC.
Carter’s rejection came after just one meeting in 2024, before WLFI’s stablecoin and debit card plans emerged. His decision offers a cautionary note but not a final judgment on the project’s future.
This content is for informational purposes and does not constitute financial advice.
