World Liberty Financial (WLFI), at which President Trump and his sons Donald Jr., Eric, and Barron hold leadership positions, has launched a new crypto venture. WLFI introduced USD1, a U.S. dollar-pegged stablecoin “inspired by President Donald J. Trump.”
According to the announcement, USD1 will be “100% backed by short-term US government treasuries, US dollar deposits, and other cash equivalents.”
The token will launch on Ethereum and Binance Smart Chain, with plans to expand. Each token is intended to hold a 1:1 value with the U.S. dollar, supported by reserves that will be audited regularly by a third-party accounting firm.
“USD1 provides what algorithmic and anonymous crypto projects cannot — access to the power of [decentralized finance] underpinned by the credibility and safeguards of the most respected names in traditional finance,” said the company’s co-founder, Zach Witkoff.
He added:
We’re offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions. […]
— Read More: thenewamerican.com
