USD1 Stablecoin: World Liberty Financial's Latest Crypto Venture

USD1 Stablecoin: Trump’s World Liberty Financial Enters crypto Market

Donald Trump's World Liberty Financial (WLFI) has confirmed that it will launch its cryptocurrency, called USD1 stablecoin. This digital token will be tied to the US dollar. The stablecoin will launch on Ethereum and Binance Smart Chain, with plans to expand to other blockchains later.

It is backed by cash deposits, U.S. Treasury bills, and other liquid assets. It aims to be a safe and reliable choice for investors. The company tested the coin with many transactions on the Binance BNB Chain before making the announcement.

According to WLFI, USD1 stablecoin will be fully backed by reserves audited by a third-party accounting firm. However, the company has not disclosed the name of the auditor or the launch date.

A leading digital asset custody provider, BitGo will manage reserves and provide liquidity support for the coin. The project seeks to offer a dependable digital currency for global transactions while avoiding risks linked to algorithmic stablecoins.

WLFI Aims to Lead in DeFi with USD1 stablecoin

World Liberty Financial is positioning itself as a leader in decentralized finance and governance platforms. The company claims its new coin, USD1 stablecoin, will offer institutions a secure and trustworthy option for digital transactions.

The announcement follows WLFI’s test transactions on the Binance BNB Chain earlier this week. On-chain data also suggests that the company tested USD1 stablecoin using public wallets from crypto market maker Wintermute.

Zach Witkoff on USD1 stablecoin

According to Zach Witkoff, co-founder of WLFI, this coin will be a safe and transparent option for investors. "Major institutions and sovereign investors can use this coin for secure international transactions," he said.

USD1 stablecoin is different from other stablecoins because it offers full transparency and strong financial backing. Unlike algorithmic or anonymous crypto projects, it provides the ease of DeFi with the security of traditional banking.

Witkoff emphasized that this coin offers a reliable alternative in the digital asset market. “We provide the benefits of DeFi while maintaining the credibility of trusted financial institutions,” he stated.

With strong security and trusted financial backing, it aims to attract sovereign investors and large institutions looking for a dependable digital asset.

CZ Warns Users About Fake USD1 stablecoin Scams

Binance founder Changpeng Zhao (CZ) has warned users about fraudulent scams. He posted on the social media platform X, alerting investors to stay cautious.

The official token is not yet available for trading. However, scammers have already created fake cryptocurrencies, trying to take advantage of the announcement.

CZ advised investors to verify any related coin before purchase proceeding. He emphasized the importance of checking authenticity to avoid falling for scams.

source: X

What’s Next?

WLFI announced to launch its coin soon, the exact date will come soon. The company says the UAD1 stablecoin will first be available on Ethereum and Binance Smart Chain. Later, it will expand to more blockchains. Investors are waiting for more details, including the name of the third-party auditor who will check the reserves. Will this token become as popular as the Trump meme coin

Security will be a top priority as WLFI moves forward. BitGo will manage the reserves to ensure safety and liquidity. Meanwhile, investors must stay alert for scams. Until the official launch, users should verify any related transactions to avoid fraud.