tl;dr
President Donald Trump's decentralized finance project, World Liberty Financial, has launched its own stablecoin, USD1, on Ethereum and Binance's BNB Chain. The token's release follows previous plans, with the timing possibly influenced by Trump's return to the White House and Republican efforts to ...
World Liberty Financial, associated with President Donald Trump, launches its stablecoin USD1 on Ethereum and BNB Chain, aiming to capitalize on the growing stablecoin market. The USD1 stablecoin offers compatibility for trading on Ethereum and BNB, enabling users to transact within decentralized finance (DeFi) networks without traditional intermediaries. World Liberty Financial's move follows the successful completion of two rounds of sales for its governance token, WLFI, signaling an impending wave of disruptive technology in digital assets.
President Donald Trump’s decentralized finance project World Liberty Financial has launched its own stablecoin, USD1, on Ethereum and Binance’s BNB Chain, according to on-chain data. The launch of the token, called USD1, marks the culmination of a plan that has been in the works for some months. With Trump back in the White House, World Liberty team feels the time is right for the president himself to enter the increasingly crowded—and lucrative—stablecoin market. Representatives for World Liberty Financial did not immediately respond to Decrypt’s request for comment.
Stablecoins, generally pegged to the price of the U.S. dollar, serve as key on- and off-ramps between crypto and traditional financial markets. They allow users to park on-chain funds in currencies that remain fixed in value even when crypto markets fluctuate. World Liberty’s USD1 stablecoin is currently compatible for trading on Ethereum, one of the largest blockchain networks for decentralized finance, and on BNB, a blockchain developed by Binance.
Earlier this month, World Liberty announced it had completed two rounds of sales of its governance token, WLFI, netting some $550 million in the process. The project’s founders shortly thereafter teased the impending launch of “a wave of disruptive technology that will redefine the boundaries of what’s possible with digital assets.”