World Liberty Financial (WLFI), the decentralized funding protocol supported by US President Donald Trump and his family, confirmed on Tuesday that its plans to launch an US dollar stablecoin.
USD 1 is anchored to $ 1 and will be fully supported by short -term US management papers, US dollar deposits and other cash equivalents. The reserves will deteriorate at Bitgo, while Bitgo Prime, the company’s brokerage service will provide liquidity to the token.
StableCOin will first be available at Ethereum and the BNB chain with plans to expand to other networks, says the protocol.
The message came after Crypto Observers brought attention to test transactions with a token named World Liberty Financial USD (USD1) at Ethereum and the BNB chain, where Bitgo and market manufacturer Wintermute were involved in transfers.
“USD1 provides what algorithmic and anonymous crypto projects cannot access the power of Defi, supported by the credibility and protection measure of the most respected names in traditional financing,” said Zach Witkoff, WLFI co-founder. “We offer a digital dollar stablecoin that can be integrated into their strategies for seamless, secure cross-border transactions.”
WLFI, a project speared by Zachary Folkman and Chase Herro, made a splash last year as one of the first crypto projects to enjoy the support of Trump. The protocol aims to provide a blockchain-based marketplace where users can borrow and borrow cryptocurrencies, create liquidity pools and trade with stablecoins.
