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Trump-Backed World Liberty Financial Confirms Dollar Stablecoin Plans With BitGo
The USD1 token will be fully backed by U.S. government securities and cash, with BitGo providing custody services for the reserves.
What to know:
- World Liberty Financial (WLFI), a decentralized finance protocol backed by U.S. President Trump, has confirmed its plans to launch a stablecoin.
- USD1 will be fully backed by short-term U.S. government securities, U.S. dollar deposits, and other cash equivalents, and will be first available on Ethereum and BNB Chain.
- The stablecoin aims to provide access to DeFi with the credibility and safeguards of traditional finance, offering a digital dollar that can be integrated into strategies for secure cross-border transactions, WLFI co-founder Zach Witkoff said.
World Liberty Financial (WLFI), the decentralized finance protocol backed by U.S. President Donald Trump and his family, confirmed on Tuesday its plans to launch a U.S. dollar-backed stablecoin.
USD1 is anchored to $1 and will be fully backed by short-term U.S. governemnt securities, U.S. dollar deposits, and other cash equivalents. The reserves will be custodied at BitGo, while BitGo Prime, the firm's brokerage service will provide liquidity for the token.
STORY CONTINUES BELOW
The stablecoin will be first available on Ethereum and BNB Chain, with plans to expand to other networks, the protocol said.
The announcement came after crypto observers brought attention to test transactions with a token named World Liberty Financial USD (USD1) on Ethereum and BNB Chain, with BitGo and market maker Wintermute being involved in transfers.
"USD1 provides what algorithmic and anonymous crypto projects cannot—access to the power of DeFi underpinned by the credibility and safeguards of the most respected names in traditional finance,” said Zach Witkoff, WLFI co-founder. “We’re offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions.”
WLFI, a project spearheaded by Zachary Folkman and Chase Herro, made a splash last year as one of the first crypto projects enjoying the backing of Trump. The protocol aims to provide a blockchain-based marketplace where users can borrow and lend cryptocurrencies, create liquidity pools and transact with stablecoins.
Krisztian Sandor
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
