Trump Media & Technology Group (TMTG), the media company behind Truth Social and backed by U.S. President Donald Trump, is weighing the launch of a utility token and a digital wallet as part of an expansion of its streaming platform, Truth+.
The potential move was revealed in a letter sent to shareholders by CEO and chairman Devin Nunes on Tuesday, ahead of the company’s annual shareholder meeting.
According to Nunes, the proposed utility token would be part of a rewards program and could initially be used to pay for subscriptions to Truth+.
He added that over time, the token may be used across additional services within the broader Truth ecosystem.
Letter Echoes Crypto Terminology Without Explicit Recognition
While the letter stopped short of labeling the token as a cryptocurrency or confirming blockchain integration, the language used aligns with terminology common in the crypto sector.
TMTG operates Truth Social, a social media platform modeled after X (formerly Twitter), which Trump helped launch after being banned from major platforms for violating their policies.
The company became publicly traded in March 2024 and at one point reached a valuation nearing $8 billion, despite modest revenues. Its market capitalization currently sits around $5.5 billion.
This isn’t TMTG’s first foray into digital assets. In January, the company announced the formation of Truth.fi, a fintech division aiming to invest in Bitcoin and other cryptocurrencies.
It also disclosed plans to launch crypto-focused exchange-traded funds (ETFs) in partnership with Crypto.com.
The potential wallet and token for Truth+ would add to a growing portfolio of crypto ventures linked to Trump and his allies.
These include NFTs, memecoins, a stablecoin project, Bitcoin mining operations, and a DeFi platform dubbed World Liberty Financial. A Trump-themed real estate video game is also reportedly in development.
These developments come as the Trump administration pushes forward with a pro-crypto agenda.
Since retaking office, Trump has approved the creation of a strategic digital asset reserve, advocated for stablecoin legislation, and dialed back enforcement against crypto projects across multiple federal agencies.
Crypto-Friendly Paul Atkins Sworn as SEC Chair
As reported, Paul Atkins was sworn in as Chairman of the SEC earlier this month, marking a leadership shift that is being welcomed by the digital asset industry.
Under Atkins’ leadership, the SEC has already withdrawn or delayed several prominent cases against crypto firms.
The agency dropped its lawsuits against Coinbase and Cumberland DRW earlier this year, and a separate investigation into Uniswap Labs closed in February without enforcement action.
Last week, the agency also closed its investigation into CyberKongz, a prominent Ethereum-based NFT and gaming project, with no enforcement action taken.
More recently, the SEC announced it would not pursue further legal action against Richard Schueler, better known as Richard Heart, the founder of Hex, PulseChain, and PulseX.
The post Trump’s Truth+ Considers Adding Crypto Wallet and Token: Report appeared first on Cryptonews.
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