Trump's Media Company Mulls Utility Crypto Token, Digital Wallet For Truth Social

U.S. President Donald Trump's media company, Trump Media and Technology Group (TMTG), informed shareholders Tuesday that it is exploring the possibility of launching a dedicated cryptocurrency token for Truth Social and a new digital wallet.

Notably, TMTG has already been expanding its business to include fintech, including a recent partnership with Crypto.com to launch what the parties called "Made in America" exchange-traded funds (ETFs).

TMTG Seeks Expanded Crypto Integration

The Tuesday shareholders letter first discussed how Truth Social has supposedly paved the way for giving "the American people their voices back."

The letter also revealed that there are approximately 600,000 investors "who believe in free speech and other America-First principles" who have steadfastly supported TMTG over the years.

Moving forward, TMTG said it is reviewing various means to monetize Truth Social, the company's social media platform.

"Additionally, as part of the rewards program, we're exploring the introduction of a utility token within 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," the letter noted.

Details about the said "utility" token are scarce, and it is unclear how Truth Social will launch the crypto asset and if it will be created by the same team that worked on Trump's official meme coin.

It is also unclear which specific crypto company TMTG will partner with to create the Truth Social digital wallet.

Crypto Has Mixed Reactions to the News

As news of TMTG's plans spread across the crypto community, there were mixed reactions, with some pointing out how it has negatively affected the TRUMP meme token's price.

Many urged the U.S. president to not launch any more tokens, given how many new crypto holders lost money in the Official Trump coin.

"Not sure if I like this, everything $TRUMP related still kind of gives me shivers," said one user.

One X user recommended that Truth Social adopt stablecoins for its subscription system "and leave it at that" instead of launching a separate utility token for the platform.

Trump has yet to make an official statement regarding his media company's future plans, but it could also be due to early concerns around his crypto ventures that some critics said posed conflicts of interest.

Meanwhile, the president appears to still be an ally of the crypto space, although not much progress has been made since he ordered the establishment of a strategic Bitcoin reserve and a digital assets stockpile.

He recently invited top TRUMP meme coin holders to dinner, sending the token's price skyrocketing. It did plunge soon and remains down significantly from its January all-time highs above $70.

Originally published on IBTimes