World Liberty Financial (WLFI), the decentralized funding protocol supported by US President Donald Trump and his family, confirmed his intention to launch a Stablecoin on the back of US dollars on Tuesday.
USD1 is anchored at $ 1 and will be fully supported by short -term US titles, deposits in US dollars and other cash equivalents. The reserves will be kept in Bitgo, while Bitgo Prime, the company’s brokerage service will provide liquidity for the token.
The Stablecoin will first be available on Ethereum and BNB chain, with plans to extend to other networks, said the protocol.
The announcement came after crypto observers drew attention to test transactions with a token named World Liberty Financial USD (USD1) on Ethereum and BNB Chain, with Bitgo and the Wintermute market manufacturer involved in transfers.
“USD1 provides what algorithmic and anonymous crypto projects cannot-access to the DEFI power underlying by the credibility and the guarantees of the most respected names in traditional finance,” said Zach Witkoff, co-founder of the WLFI. “We offer a stablecoin to a digital dollar that sovereign investors and large institutions can integrate with confidence in their seamless and secure cross -border transaction strategies.”
WLFI, a project led by Zachary Folkman and Chase Herro, caused a sensation last year as one of the first crypto projects enjoying Trump’s support. The protocol aims to provide a blockchain-based market where users can borrow and lend cryptocurrencies, create liquidity pools and compromise with stablescoins.
