In an official press release, the Trump family-backed crypto project World Liberty Financial announced plans to launch USD1, a stablecoin redeemable 1:1 for the USD.
USD1 Official Details
WLFI announced that USD1 will be 100% backed by short-term US government treasuries, USD deposits, and other cash equivalents. Initially, USD1 tokens will be minted on Ethereum and BNB Chain, with plans to expand to other blockchains. USD1 reserves, managed by BitGo, will fully support the $1 value of each token.
Offering Access to DeFi Power
Zach Witkoff, WLFI's co-founder, mentioned that USD1 will offer access to DeFi power, supported by the credibility and safeguards of traditional financial institutions. WLFI will offer a digital dollar stablecoin that sovereign investors and established institutions can integrate into their strategies for secure cross-border transactions.
A Significant Advancement in Institutional-Ready Digital Assets
Mike Belshe, CEO of BitGo, described the launch of USD1 as an important milestone in the advancement of institutional assets. He highlighted the benefits of partnering with WLFI, including security, efficiency, and the assurance that reserves are securely managed, offering deep liquidity in compliance with regulations.
The launch of USD1 by World Liberty Financial could be a significant step in stablecoins, particularly for institutional investors, offering the stability and confidence of traditional finance.
