World Liberty Financial (WLFI), the decentralized financial protocol, supported by US President Donald Trump and his family, confirmed her plans on Tuesday to launch a Stablecoin supported by the US dollar.
USD1 is anchored to $ 1 and will be fully supported by short-term government effects, American dollar deposits and other kasequivalents. The reserves will be stored at Bitgo, while Bitgo Prime, the company’s brokerage service will offer liquidity for token.
The Stablecoin is first available on Ethereum and BNB chain, with plans to expand to other networks, according to the protocol.
The announcement came after Crypto observers had paid attention to test transactions with a token called World Liberty Financial USD (USD1) on Ethereum and BNB chain, in which Bitgo and market maker Wintermute was involved in transfers.
“USD1 offers what algorithmic and anonymous crypto projects cannot comply with the power of Defi that is supported by the credibility and guarantee of the most respected names in traditional finances,” said Zach Witkoff, co-founder of WLFI. “We offer a digital dollar stablecoin that can integrate sovereign investors and large institutions into their strategies for seamless, safe cross-border transactions.”
WLFI, a project led by Zachary Folkman and Chase Herro, made a splash last year as one of the first crypto projects that enjoy the support of Trump. The protocol is intended to offer a blockchain -based marketplace where users can borrow cryptocurrencies and borrow, liquidity pools can create and can be performed with stablecoins.
