2 months ago
World Liberty Financial (WLFI), the decentralized concern protocol backed by U.S. President Donald Trump and his family, confirmed connected Tuesday its plans to motorboat a U.S. dollar-backed stablecoin. USD1 is anchored to $1 and volition beryllium afloat backed by short-term U.S. governemnt securities, U.S. dollar deposits, and different currency equivalents. The reserves volition beryllium custodied astatine BitGo, portion BitGo Prime, the firm's brokerage work volition supply liquidity for the token.
The stablecoin volition beryllium archetypal disposable connected Ethereum and BNB Chain, with plans to grow to different networks, the protocol said.
The announcement came aft crypto observers brought attention to trial transactions with a token named World Liberty Financial USD (USD1) connected Ethereum and BNB Chain, with BitGo and marketplace shaper Wintermute being progressive successful transfers.
"USD1 provides what algorithmic and anonymous crypto projects cannot—access to the powerfulness of DeFi underpinned by the credibility and safeguards of the astir respected names successful accepted finance,” said Zach Witkoff, WLFI co-founder. “We’re offering a integer dollar stablecoin that sovereign investors and large institutions tin confidently integrate into their strategies for seamless, unafraid cross-border transactions.”
WLFI, a task spearheaded by Zachary Folkman and Chase Herro, made a splash past twelvemonth arsenic 1 of the archetypal crypto projects enjoying the backing of Trump. The protocol aims to supply a blockchain-based marketplace wherever users tin get and lend cryptocurrencies, make liquidity pools and transact with stablecoins.
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