World Liberty Financial to Launch Dollar-Backed Stablecoin USD1
World Liberty Financial (WLFI) announced plans to launch a U.S. dollar-backed stablecoin named USD1.
- USD1 will be pegged to $1 and fully backed by short-term U.S. government securities, deposits, and cash equivalents.
- Reserves will be custodied at BitGo, with liquidity provided by BitGo Prime.
- The stablecoin will initially be available on Ethereum and BNB Chain, with plans for expansion to additional networks.
- Test transactions involving USD1 have been observed on Ethereum and BNB Chain.
- Zach Witkoff, WLFI co-founder, emphasized the credibility of the project, targeting sovereign investors and institutions for cross-border transactions.
- WLFI aims to create a blockchain marketplace for borrowing, lending, and transacting with cryptocurrencies.