Trump’s DeFi platform World Liberty Financial not only has completed a public token sale WLFI, but also announced the launch of its own stablecoin with a USD1 ticker, which will be pegged 1:1 to the US dollar (USD).
USD1 will be fully backed by short-term US government treasury bills, US dollar deposits, and other cash equivalents. The token’s backing portfolio has been promised to be regularly audited by third-party auditors.
Initially, stablecoins will be released on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains, and later expanded to other protocols.
«USD1 will provide what algorithmic and anonymous crypto projects cannot — access to the power of DeFi, backed by the trust and guarantees of the most respected names in traditional finance. We are offering a digital dollar stablecoin that sovereign investors and large institutions can confidently integrate into their strategies for seamless, secure cross-border transactions,» said Zach Witkoff, co-founder of WLFI (a longtime friend of Trump and his chief negotiator on the Middle East and the war in Ukraine).
The USD1 reserves will be held by BitGo, the world’s largest independent qualified custodian. BitGo Prime, BitGo’s main brokerage service, will also support USD1, giving institutional clients access to deep liquidity and trading.
Of course, BitGo is somehow connected to Trump’s entourage. The so-called crypto king David Sachs has invested in 12 crypto projects, including a digital securities platform for alternative investments and token issuance Harbor, acquired by BitGo in 2020.
Source: World Liberty Financial