World Liberty Financial of Trump to Introduce USD1 Stablecoin Backed by U.S. Treasuries
The post World Liberty Financial of Trump to Introduce USD1 Stablecoin Backed by U.S. Treasuries appeared on BitcoinEthereumNews.com.
Key Takeaways: World Liberty Financial (WLF) to introduce USD1, a stablecoin supported by U.S. Treasuries linked to the U.S. dollar. WLF funded the initiative by selling its $WLFI token, which brought around $550 million. USD1 faces stiff competition from current stablecoins such as Tether (USDT) and USD Coin (USDC). World Liberty Financial (WLF), a cryptocurrency initiative connected to U.S. President Donald Trump, announced plans to build USD1, a completely supported stablecoin. The firm claimed U.S. Treasuries, cash, and currency equivalents would back the new digital asset. The action follows WLF’s sale of its native token, $WLFI, which netted more than $550 million. A New Stablecoin in an Increasingly Popular Market By enabling smooth transfers between digital assets and conventional currencies, stablecoins have become essential to the cryptocurrency ecosystem. CoinGecko estimates stablecoins’ total market value as of 2024 to be over $237 billion. USD1 hopes to compete in this expanding field by providing a consistent and open option. Zach Witkoff, co-founder of World Liberty Financial, claims USD1 was meant to assist sovereign investors and big financial institutions by offering a safe way for cross-border transactions. Read More: As First Sitting President Attending a Crypto Conference, President Trump Creates History Institutional-Grade Reserves and Transparency World Liberty Financial underlined that a third-party accounting company will regularly examine a reserve portfolio backing USD1. The business, meantime, has not revealed the anticipated launch date for USD1 or whose organization will supervise the audits. BitGo, the company’s custodial partner, will keep USD1’s reserves. Through its prime brokerage services, BitGo, a well-known digital asset custodian, will also offer institutional clients trading support and liquidity. Trump’s Growing Crypto Interests Founded only two months before Trump’s presidential win, World Liberty Financial Trump, his three sons, and real estate mogul Steve Witkoff—who also serves as Trump’s Middle East envoy—back it.…
Filed under: News - @ March 28, 2025 1:21 am