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4w ago

Trump-Backed World Liberty Financial Launches USD1 Stablecoin on Ethereum and BNB Chain

The USD1 stablecoin, pegged to the U.S. dollar, marks a significant step for the Trump-backed DeFi project, though it faces regulatory uncertainty and ethical scrutiny.

Zach Witkoff speaks on Day 4 of the Republican National Convention (RNC), at the Fiserv Forum in Milwaukee, Wisconsin, U.S., July 18, 2024. REUTERS/Mike Segar/File Photo
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President Donald Trump has a suite of crypto endeavors, including NFTs, a memecoin, and now a stablecoin.

Overview

  • World Liberty Financial, a decentralized finance project backed by Donald Trump, has officially launched its USD1 stablecoin on Ethereum and Binance's BNB Chain.
  • The USD1 stablecoin is pegged to the U.S. dollar and aims to provide stability in volatile cryptocurrency markets, but it is not yet available for public trading.
  • The project has raised $550 million through governance token sales and plans to create a blockchain-based marketplace for borrowing, lending, and transacting with stablecoins.
  • The Trump administration continues to push for stablecoin regulation, with a bill in Congress that could provide legal clarity for projects like USD1.
  • World Liberty Financial has warned users to watch out for scams related to USD1, as blockchain activity around the token has increased since its deployment.