Trump-Backed WLFI Spends Millions In $USDC To Buy $wBTC, $MOVE, Taps Into Staking

World Liberty Financial (WLFI), the DeFi project promoted by U.S. President Donald Trump, spent millions in USDC stablecoins to buy Wrapped Bitcoin (wBTC) and Movement (MOVE) tokens, on-chain data revealed.

The purchases were made late Thursday, as per Nansen data, showing that the cryptocurrency project used up $1.41 million USDC to buy over 2.5 million MOVE coins, and also spent $5 million USDC to buy 52 wBTC.

Aside from the massive wBTC and MOVE purchases, WLFI also swapped 2,221 Ethereum (ETH) worth over $5.9 million for Lido Staked ETH (stETH). The stETH coins were then placed into staking with Lido Finance, the data revealed.

The DeFi protocol didn't stop there, as it also sent $5 million worth of USDC for lending on the Aave V3 protocol.

Why the recent moves matter

WLFI's latest moves are in line with the project's recent announcement of its "Macro Strategy" initiative, wherein it will invest in various crypto assets.

The digital asset reserve was expected to "bolster" growth in leading cryptocurrencies, including Bitcoin and Ethereum, the WLFI team said.

WLFI has yet to hold BTC, the world's largest cryptocurrency by market capitalization, but Eric Trump, who is closely tied to the development of WLFI, has hinted that the project may opt in soon.

In relation to the project's MOVE purchases, there were previous reports that the Movement Network is reportedly in talks with the Department of Government Efficiency (DOGE).

The reports emerged after Bloomberg revealed that DOGE, which was being led by tech titan and Trump ally Elon Musk, was considering whether it was possible to utilize blockchain technology as part of DOGE's efforts in government spending cuts.

Movement Labs Founder Rushi Manche later clarified that the company wasn't in discussions with the DOGE. He said all talks regarding crypto were still at the "very early stage across the board" at the White House.

He did thank WLFI for its support, saying it looks forward "to an American future for MOVE."

WLFI clarifies crypto holdings activity

While no issues have been raised so far regarding the latest swaps and transfers made by the Trump family's crypto project, WLFI has had to "clarify" recent movements around its crypto holdings.

The team said earlier this month that the activity around its crypto holdings was "part of regular treasury management, and payment of fees and expenses and to address working capital requirements."

The clarifications were made amid concerns that World Liberty Financial was "selling" its tokens. As per a wallet identified by Arkham Intelligence, WLFI so far has crypto holdings worth over $34 million.