World Liberty Financial (WLFI), backed by Donald Trump and his relatives, has introduced USD1, a U.S. dollar-pegged stablecoin, aiming to provide a safe digital currency for institutions and investors.
World Liberty Financial (WLFI), a venture backed by former President Donald Trump and his relatives, has unveiled USD1, a U.S. dollar-pegged stablecoin designed to provide a safe and reliable digital currency for institutions and investors, according to a statement.
The stablecoin will be fully collateralized by short-term U.S. government bonds, U.S. dollar deposits in federally insured banks, and other cash equivalents, with reserves held by BitGo and providing 24/7 liquidity, the statement said. It will be launched on Ethereum and Binance Smart Chain, with plans for release on additional blockchains.
"We are merging the strengths of DeFi with the credibility of traditional finance to provide a truly groundbreaking offering," said Ivan Knab, chairman and CEO of WLFI.
"Institutions and investors can now enjoy the speed, efficiency and global reach of digital assets with the stability and safety they demand."
The venture, which has raised more than $550 million in earlier token sales and counts Justin Sun among its investors, is aiming to provide an alternative to traditional payment systems with a focus on cross-border transactions.
Organizations linked to the Trump family may be awarded up to 75% of the venture's net earnings for a period of up to 10 years, according to a regulatory filing.
The launch of USD1 comes as the Trump administration pushes for crypto adoption, including the formation of a Strategic Bitcoin Reserve. It also places WLFI in the expanding stablecoin market, with ventures such as Paxos and Circle already offering dollar-pegged digital currencies.
Success for USD1 would depend on adoption by traders and institutions who are looking for stable digital currency options for trading and DeFi transactions.
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