World Liberty Financial (WLFI), the decentralized finance platform backed by U.S. President Donald Trump and his family

appears to be testing its dollar stablecoin before a public launch. Blockchain watchers noticed activity with a token labeled as World Liberty Financial USD (USD1)

World Liberty Financial (WLFI), the decentralized finance platform backed by U.S. President Donald Trump and his family appears to be testing its dollar stablecoin ahead of a broader launch.

The token, labeled as World Liberty Financial USD (USD1), was deployed earlier this month on both Ethereum and BNB Chain networks.

The BscScan profile for the token was posted by former Binance CEO Changpeng "CZ" Zhao to his 10 million followers on X with a "welcome" message.

The project quickly responded to the growing attention.

"Attention all: USD1 is not currently tradable. Please note that any claims of the token being available for trading are false and deceptive. We urge users to be vigilant and beware of scams.

The project's leadership includes multiple Trump family members.

Barron, Eric and Donald Jr. serve as "Web3 Ambassadors" for the platform. Other key figures include Steve Witkoff, a Trump loyalist and real estate developer, whose sons Alex and Zach are listed as cofounders of the project. The technical leadership comes from DeFi developers Zak Folkman and Chase Herro, who were both previously involved with Dough Finance, a project that experienced a $2 million hack in July.

The project is focused on decentralized finance (DeFi), aiming to create a platform where users can borrow and lend cryptocurrencies.

The project announced it has raised $550 million through token sales of $WLFI. Some ethics experts have raised concerns about potential influence peddling, citing examples like crypto entrepreneur Justin Sun's public purchase of $75 million worth of WLFI tokens.

The project's website offers limited details about its specific products or planned services. Its "gold paper" describes plans to create a hub for accessing various DeFi applications.

President Trump is listed as "Chief Crypto Advocate" in the project's documentation, providing high-profile backing that has helped attract attention and investment to the platform.

The project's leadership includes multiple Trump family members.

Barron, Eric and Donald Jr. serve as "Web3 Ambassadors" for the platform. Other key figures include Steve Witkoff, a Trump loyalist and real estate developer, whose sons Alex and Zach are listed as cofounders of the project. The technical leadership comes from DeFi developers Zak Folkman and Chase Herro, who were both previously involved with Dough Finance, a project that experienced a $2 million hack in July.