World Liberty Financial Stablecoin Lags in Attestation Reports, NYDIG Finds
The stablecoin USD1, linked to the Trump family through the DeFi project World Liberty Financial, has delayed its monthly attestation reports, crucial for transparency with investors and regulators. The last available report is from July, contrasting with competitors like USDC and Tether, which have more recent disclosures.
- USD1's reserve custody is managed by BitGo Trust, but BitGo Technologies hasn't clarified the reporting delay.
- USD1 has a $2.7 billion supply, with approximately 78% held in wallets associated with overseas exchanges.
- The upcoming GENIUS Act could affect USD1's structure by restricting stablecoin issuance to regulated banks or state-qualified entities. Changes may be needed as BitGo Technologies doesn't currently fit these criteria.
Comments are awaited from BitGo and World Liberty Financial regarding these issues.