Donald Trump Jr. has finally revealed what his cryptic DeFi post on X was all about, and it’s got nothing to do with memecoins.

Donald Trump Jr. has announced plans to launch a new decentralized finance (DeFi) cryptocurrency platform to address inequality in banking access. However, the platform is still in the early stages and will take some time to become a reality.

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.”