Coinbase announced the addition of the new stablecoin USD1, backed by the Trump family, to its platform. Users can now trade USD1 alongside other popular stablecoins.
USD1 Listed on Coinbase
U.S. users can now access and trade USD1 on Coinbase. The exchange has officially added it as an ERC-20 token on the Ethereum network. This is a significant step for World Liberty Financial, the developer of USD1, as it enters one of the largest and most regulated crypto exchanges worldwide.
Coinbase indicated that the start of USD1 trading would depend on meeting liquidity requirements, meaning trading will begin in phases to monitor supply and demand, prevent sudden price swings, and ensure a smooth experience for buyers and sellers.
Increased Supply and Rewards Program
World Liberty Financial recently minted $205 million worth of USD1 stablecoins, boosting USD1's total supply to a record $2.4 billion. This represents the largest increase since late April, with newly forged tokens largely stemming from strategic partnerships and significant treasury holdings, including a $2 billion investment from Abu Dhabi-based MGX.
The company also announced a loyalty program for USD1 users, rewarding them for trading, holding, staking, and participating in approved decentralized finance (DeFi) protocols.
World Liberty Financial's Strategy
World Liberty Financial plans to launch an Ethereum-based DeFi platform, integrating USD1 for borrowing and lending services. The project aims to create an ecosystem where users can easily interact with USD1 without relying on traditional banking systems. It also emphasizes that USD1 is fully backed at a 1:1 ratio by U.S. dollars and U.S. Treasuries, ensuring reliability for its holders.
The addition of USD1 to Coinbase provides users with new trading opportunities and enhances competition among stablecoins in the rapidly growing digital dollar market.
