World Liberty Financial Inc. has announced the launch of USD1, a new stablecoin providing a fully-backed alternative to existing stablecoins.
USD1 Stablecoin Launch
World Liberty Financial Inc. has confirmed the release of the USD1 stablecoin, backed 1:1 with the US dollar. PancakeSwap and Wintermute had interactions with the contract on BNB Chain.
BitGo's Role as Custodian
BitGo will serve as the custodian of USD1's reserves, providing trading and liquidity support through BitGo Prime. BitGo CEO Mike Belshe highlighted the significance of the new stablecoin for institutional clients.
Features and Prospects of USD1
USD1 is positioned as a safe and transparent stablecoin with full reserve backing. WLFI co-founder Zach Witkoff emphasized that the stablecoin offers institutions a secure way to conduct cross-border transactions without additional risks. Plans include expanding to other blockchain platforms.
The launch of USD1 reflects WLFI's commitment to offering more reliable and transparent digital assets catering to institutional investors' needs.
