World Liberty Financial announced the launch of a new stablecoin on Ethereum and BNB platforms with the backing of Donald Trump.
WLFI Launches USD1
World Liberty Financial (WLFI), a DeFi venture supported by US President Donald Trump, announced the creation of a stablecoin called USD1. This token, pegged to the US dollar, is available on Ethereum and Binance’s BNB blockchains. Although WLFI has not yet made an official announcement, the news was first shared by former Binance CEO Changpeng Zhao on his social media. Subsequently, WLFI confirmed the launch, warning that the token is not currently tradable.
Stablecoin Regulation and GENIUS Act
The launch of the USD1 stablecoin coincides with US Congress discussions on stablecoin regulation, particularly the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. This bill has already cleared the Senate Banking Committee and is expected to reach President Trump's desk by June, potentially determining the future of projects like USD1.
USD1 Details and Prospects
The total supply of the USD1 token amounts to over $3.5 million. WLFI has completed two successful public token sales, raising $550 million. However, many aspects of the venture remain concealed, despite its impressive financial accomplishments.
The introduction of USD1 by WLFI marks a significant development in decentralized finance, but its future heavily depends on US legislative outcomes.
