World Liberty Financial, a cryptocurrency project linked to President Donald Trump’s family, has revealed plans to launch USD1, a stablecoin pegged to the U.S. dollar. This announcement follows Trump’s call for Congress to introduce “commonsense” legislation to regulate digital assets.
The company has raised $550 million from over 85,000 investors, including TRON founder Justin Sun. This funding came through the sale of WLFI tokens. The USD1 stablecoin will be backed by U.S. government treasuries, dollar deposits, and other liquid assets. These assets will ensure USD1 remains closely tied to the U.S. dollar, making it a more reliable option in the digital asset space.
Tokens will be issued on both Ethereum and Binance Smart Chain blockchains. By taking this multi-chain approach, World Liberty Financial aims to reach a wider audience. This move will likely make the stablecoin more accessible to users across different crypto platforms. In addition, BitGo, a crypto custodian, will protect USD1’s reserves. A third-party firm will also audit the reserves to maintain transparency and trust.
The Trump family’s involvement in crypto is growing. Previous ventures, like digital trading cards and the $TRUMP meme coin, have had mixed success. Yet, the launch of USD1 represents a major leap forward in their crypto endeavors. Trump emphasized at a recent summit that stablecoins like USD1 could improve the U.S. banking and payment systems. He also believes such innovations will help drive economic growth.
Trump’s support for cryptocurrency goes beyond his family’s ventures. His administration has already made moves to integrate digital assets into the national economy. For example, the U.S. government holds substantial amounts of Bitcoin, Ethereum, and Tether. The creation of a strategic Bitcoin reserve is part of Trump’s broader vision for digital currency.
USD1’s launch is just one of the many ways the Trump family is influencing the cryptocurrency market. With backing from prominent investors and a solid regulatory framework, this stablecoin could offer stability and security to users. As the market for digital assets continues to evolve, the Trump family’s role in shaping its future grows clearer.
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