World Liberty Financial (WLFI) – the DeFi venture backed by US President Donald Trump – has launched a stablecoin called USD1.
Pegged to the US dollar, the token is designed to function as a digital asset equivalent to the dollar and is currently available on both Ethereum and Binance’s BNB blockchains.
WLFI’s USD1 Stablecoin
Although the cryptocurrency went live in early March, World Liberty Financial has not issued an official announcement regarding its launch.
Changpeng ‘CZ’ Zhao, the former CEO of Binance, was among the first to publicly share the news by posting a link to the token on social media, where it was subsequently acknowledged by WLFI’s official X channel. However, the project warned that USD1 is “not currently tradable” and urged the community to be aware of scams.
The launch of the USD1 stablecoin on the BNB Chain came days after reports suggested the Trump family held talks with Binance about acquiring a stake in the exchange and possibly granting CZ a presidential pardon. However, Zhao quickly denied these claims and argued that no discussions about a business deal had taken place between the crypto exchange and the Trump family.
He also criticized the Wall Street Journal article, claiming it was an attack on both President Trump and the crypto industry, and attributed the report to ongoing efforts from the previous administration to undermine the crypto sector.
Stablecoin Regulation With GENIUS
The launch of USD1 also comes at a time when the US Congress is evaluating legislation that could impact the future of stablecoins in the country. Specifically, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which has already cleared the Senate Banking Committee, may soon be taken up for a full vote. Industry experts speculate that the bill could be on President Trump’s desk by June.
This could have significant implications for projects like USD1, as regulators look into the potential for stablecoins to integrate more fully into the financial system.
As of now, the USD1 token has a total supply of over $3.5 million, and WLFI has completed two successful public token sales, raising a total of $550 million. Despite this, much about the venture remains shrouded in secrecy.
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