World Liberty Financial (WLFI), the decentralized finance protocol backed by US President Donald Trump and his family, confirmed plans on Tuesday to launch a US dollar-backed stablecoin.
USD1 will be anchored to $1, fully backed by short-term US government securities, US dollar deposits, and other cash equivalents. BitGo will custodian the reserves, while BitGo Prime will provide liquidity for the token.
Initially available on Ethereum and BNB Chain, there are plans to expand USD1 to other networks.
The announcement follows observations of test transactions involving World Liberty Financial USD (USD1) on Ethereum and BNB Chain, with BitGo and market maker Wintermute participating in transfers.
“USD1 offers what algorithmic and anonymous crypto projects cannot—access to the power of DeFi with the credibility and safeguards of respected names in traditional finance,” said Zach Witkoff, WLFI co-founder. “We’re providing a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate for seamless, secure cross-border transactions.”
