World Liberty Financial (WLFI), connected to Donald Trump, has announced a new stablecoin USD1, fully backed by US dollar assets.
Introducing USD1
The stablecoin USD1 will be backed by short-term U.S. treasuries, dollar deposits, and other equivalent assets. Initially, it will be issued on Ethereum and BSC, with expansion plans to other chains.
Support and Partnership
BitGo will act as the custodian of USD1 reserves. BitGo Prime will also provide institutional clients with deep liquidity and trading access through insured and regulated custody.
Founders' Statements
WLFI co-founder Zach Witkoff stated: "USD1 provides what algorithmic and anonymous crypto projects cannot: access to the power of DeFi, backed by the reliability and assurances of the most respected names in traditional finance. We offer a digital dollar stablecoin that sovereign investors and large institutions can confidently integrate into their strategies for seamless, secure cross-border transactions."
The launch of USD1 by World Liberty Financial promises to offer institutional investors a reliable and secure product. With BitGo’s support and a focus on seamless integration into large investors' strategies, this stablecoin is poised to play a significant role in the world of digital finance.
