WLFI has officially launched its first stablecoin, USD1, designed for institutional investors. The stablecoin is asset-backed and will be issued on the Ethereum and Binance Smart Chain.
Launch of USD1 and Its Features
USD1 is a stablecoin pegged 1:1 to the US dollar, backed by short-term US Treasuries and other high-quality liquid assets. It will initially be issued on the Ethereum and Binance Smart Chain platforms.
Partnership with BitGo
WLFI has partnered with BitGo to safeguard the reserves of USD1 and support its liquidity and trading through BitGo Prime. Mike Belshe, CEO of BitGo, emphasized that this collaboration ensures security and efficiency for clients.
WLFI's Approach to Stablecoins
WLFI takes a conservative and transparent approach to stablecoin creation, avoiding complex yield-generating mechanisms. The established reserves will undergo regular audits to prevent instability typical of other stablecoin models.
With the launch of USD1, WLFI joins a group of companies aiming to bridge traditional financial structures and decentralized ecosystems by betting on trust and accountability.
