During a Q&A session on subscription-based platform Locals on Aug. 8, Donald Trump Jr, the eldest son of presidential candidate and former President Donald Trump, said he wasn't launching a memecoin but working on a crypto platform to take on the banks.

"What we're talking about is a larger type of platform," that's very different and not a memecoin, he said.

However, he added that it would be a "long time before we can do anything," not giving anything away on a time frame.

Trump Jr. didn't provide much more detail on the platform but emphasized that it would target the banking system:

"What we want to do is take on a lot of the banking world. I think there has been a lot of inequality in that only certain people can get financing [...] so this notion of decentralized finance is obviously very appealing to guys like me who have been debanked."

Rumors around a new crypto offering began circling after Trump mentioned DeFi in an Aug. 7 X post, with many believing it may be related to a new memecoin launch. 

"We're about to shake up the crypto world with something HUGE. Decentralized finance is the future — don't get left behind," he said.

His brother, Eric Trump, said something similar on X on the same day:

"I have truly fallen in love with crypto/DeFi. Stay tuned for a big announcement."

At the Q&A, he also addressed rumors regarding the Restore the Republic (RTR) memecoin, which had surged and crashed amid false rumors of association with the Trump family. 

Eric Trump also recently denied any connection with the memecoin, calling the rumors "absolutely false" in an Aug. X post, which sent the RTR token crashing over 70%.

Trump Jr. made a similar warning in an X post on Aug. 8, saying: "I love how much the crypto community is embracing Trump. It's absolutely incredible, but beware of fake tokens claiming to be part of the Trump project."

"The only official project will be announced directly by us, and it will be fair for everyone."