World Liberty Financial (WLF), backed by Donald Trump, is preparing an audit for its USD1 stablecoin and launching a mobile app.
Plans for Audit and App Launch
WLF co-founder Zak Folkman disclosed during the Permissionless conference in Brooklyn on June 25 that the company is preparing its first audit report for the USD1 stablecoin. The audit will reveal the reserves backing the stablecoin. Additionally, WLF announced the launch of a mobile app aimed at simplifying cryptocurrency use for new users.
WLF's Support and Transparency
USD1 is backed by U.S. dollar deposits, Treasuries, and cash equivalents, operating on Ethereum, BNB Chain, and TRON, with BitGo as custodian. Folkman confirmed that following the initial audit, monthly reserve reports would be provided to enhance transparency. "We’re going to have very transparent auditing from a financial level," he stated.
Growing Popularity of USD1 and WLFI
Despite criticism from lawmakers and ethics watchdogs regarding Trump's stake in WLF, the popularity of the stablecoin is rising. USD1 played a key role in a $2 billion investment from UAE-based MGX and reached 85,000 wallets during a $4 million airdrop. WLF demonstrates serious intentions of making USD1 a considerable player in the stablecoin market.
WLF's actions confirm the company's ambitious plans to establish USD1 as a significant player in the stablecoin market.
