Key Takeaways:
World Liberty Financial announced its plans to introduce USD1, a stablecoin pegged 1:1 to the U.S. dollar and backed by U.S. dollar deposits, government treasuries, and cash equivalents.
The Trump family has close ties to the project, with Eric and Donald Jr. serving as “Web3 ambassadors” and Barron Trump listed as the “DeFi visionary.”
USD1 will be minted on Ethereum and Binance Smart Chain, with BitGo serving as the custodian, ensuring secure, institutional-grade digital asset management.
World Liberty Financial, a newly launched cryptocurrency platform affiliated with the family of U.S. President Donald Trump, formally announced its plans to introduce its new stablecoin, USD1, on Tuesday.
World Liberty Financial Unveils USD1
According to a March 25 press release, the company plans to launch a stablecoin redeemable 1:1 for the U.S. dollar, backed entirely by U.S. dollar deposits, U.S. government treasuries, and alternative cash equivalents.
“USD1 provides what algorithmic and anonymous crypto projects cannot—access to the power of DeFi underpinned by the credibility and safeguards of the most respected names in traditional finance,” said Zach Witkoff, WLFI co-founder.
“We’re offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions,” he added.
USD1 will be minted on Ethereum (ETH) and Binance Smart Chain (BSC), with the potential to expand to additional protocols in the future. BitGo will serve as the custodian for USD1 reserves.
“The launch of USD1 represents a significant advancement in institutional-ready digital assets,” said Mike Belshe, CEO of BitGo.
“Our clients demand both security and efficiency, and this partnership with WLFI delivers both—combining deep liquidity with the assurance that reserves are securely held and managed within regulated, qualified custody,” he continued.
The Trump Family’s Close Ties To Crypto
News of World Liberty Financial’s latest project comes more than a week after reports emerged that the Trump family had engaged in discussions to potentially purchase a stake in Binance.US.
Trump, who largely campaigned to enact crypto-friendly regulations upon his return to the Oval Office, has close ties to World Liberty Financial. His eldest sons, Eric and Donald Jr., serve as “Web3 ambassadors” for the project, while his youngest son, Barron, is listed as the platform’s “DeFi visionary.”
Witkoff, the son of Trump’s former Middle East envoy, Steve Witkoff, recently named his own son after the current U.S. president.
Despite the announcement from World Liberty Financial, no official launch date has been released for USD1.
USD1 is a stablecoin from World Liberty Financial pegged 1:1 to the U.S. dollar, backed by U.S. dollar deposits, U.S. government treasuries, and other cash equivalents.
USD1 will be minted on Ethereum (ETH) and Binance Smart Chain (BSC), with potential expansion to additional blockchain networks.
BitGo, a leading digital asset custodian, will manage and secure USD1’s reserves.
The post World Liberty Financial Solidifies Stablecoin Plans Amid Growing Speculation appeared first on Cryptonews.
