Donald Trump gestures at the Bitcoin 2024 event in Nashville, Tennessee, U.S., July 27, 2024. By Tom Wilson and Elizabeth Howcroft.
output: Former U.S. President Donald Trump’s new crypto venture, World Liberty Financial, is launching a dollar-pegged stablecoin, it said on Wednesday.
The stablecoin, called USD1, will be fully backed by U.S. Treasuries, dollars and other cash equivalents and is designed to keep a value of $1, World Liberty said in the statement. It will also be launched with the aim of facilitating faster and cheaper cross-border payments.
The launch of the stablecoin comes after World Liberty said in June it had raised more than $500 million from the sale of its own digital token, named "Trump Digital World Token".
Those funds will be used to invest in Web3, artificial intelligence, energy and other technologies, as well as to build out World Liberty’s own products and services, it said at the time.
Trump has become an increasingly vocal supporter of cryptocurrencies, speaking about Bitcoin at several recent events and touting the advantages of blockchain technology.
Earlier this year, Trump also announced that he would be accepting donations for his 2024 presidential campaign in Bitcoin, Ethereum, Litecoin and TRON.
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