The crypto lobby has been pouring boatloads of cash into the latest presidential campaign of former president Donald Trump, who has entirely abandoned his once-hardline stance against digital currencies as the campaign money has rolled in.

Now, on the back of recent promises to make America the "crypto capital of the world," Trump is prepping to publicly roll out a wildly dubious and ethically fraught new crypto project started by none other than his sons Eric and Donald Trump, Jr.

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But while stablecoins sound like they should be stable, they've historically been disastrous for investors and economies.

The collapse of the so-called stablecoin Terra-Luna was central to the 2022 crypto crash that wiped nearly $2 trillion from the market, resulting not only in the catastrophic fall of billion-dollar crypto ventures like FTX but in people's entire life savings vanishing into thin air.

What's more, as The Wall Street Journal reported last year, stablecoins are also a favorite financing tool of organized crime and terror groups, who use the sleazy digital currencies to launder cash, traffic drugs, and even buy and sell humans.

And on top of all that, there are too many conflicts of interest to count.

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Some of the non-Trump family characters reportedly involved in the project are too seedy to even make up.

As Bloomberg News reports, a key WLFI "dealmaker" is a person named Chase Herro, a former colon cleanse salesman who stated in a 2018 YouTube video " while driving around in a Rolls-Royce " that "you can literally sell ---- in a can, wrapped in piss, covered in human skin, for a billion dollars if the story's right, because people will buy it."

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