World Liberty Financial has announced the launch of its cryptocurrency USD1, a stablecoin pegged to the US dollar, set to debut on Ethereum and Binance Smart Chain.
Launch of USD1 Stablecoin
The USD1 stablecoin is backed by cash deposits, U.S. Treasury bills, and other liquid assets. The coin has been tested on the Binance BNB Chain and will be fully backed by reserves audited by a third-party accounting firm.
Positioning in DeFi
WLFI aims to lead in the decentralized finance space. Co-founder Zach Witkoff emphasized that USD1 will be a safe and transparent option for investors, differing from other stablecoins by offering full transparency and strong financial backing.
Scam Warnings
Binance founder Changpeng Zhao warned of scams involving fake cryptocurrencies under the USD1 name, advising investors to verify authenticity before proceeding with any purchases.
World Liberty Financial gears up for the launch of USD1 on Ethereum and Binance Smart Chain. Investors are eagerly awaiting more information, including the name of the third-party auditor. Security and reliability remain top priorities, and investors are advised to stay vigilant to avoid scams.
