Former U.S. President Donald Trump’s crypto venture, World Liberty Financial, has announced the launch of a new dollar-pegged stablecoin, USD1, backed by U.S. Treasuries, cash, and other equivalents.
The company stated that USD1 will be issued on the Ethereum and Binance Smart Chain blockchains, with plans to expand to other networks in the future.
Designed to maintain a stable value of $1, the stablecoin will be fully backed by a reserve portfolio that will undergo regular audits by a third-party accounting firm. However, no details were provided regarding the firm or the official launch date.
World Liberty Financial’s co-founder, Zach Witkoff, stated that the new digital token will enable “sovereign investors and major institutions” to integrate USD1 into their financial strategies, facilitating secure and efficient cross-border transactions.
The venture was unveiled just two months before the U.S. presidential election and is backed by Trump, his three sons, and real estate billionaire Steve Witkoff, the father of Zach Witkoff.
Since its launch, World Liberty Financial has raised $550 million through the sale of its cryptocurrency token, $WLFI.
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