World Liberty Financial Launches USD1 Stablecoin Pegged to US Dollar
World Liberty Financial (WLFI), a decentralized finance platform associated with President Donald Trump, has launched a new stablecoin named USD1. This token is pegged to the US dollar and is available on the Ethereum and Binance blockchains, although no official announcement was made on March 24.
Key Points
- USD1 is not currently tradable; users are warned of potential scams.
- Changpeng Zhao, former CEO of Binance, acknowledged the token on social media, hinting at its legitimacy.
- The stablecoin sector is gaining traction in the US Congress, with several bills proposed for support.
- Tether reported $13 billion in profit for 2024; Circle plans to go public.
- Stablecoins like USD1 are backed by US treasuries, providing lucrative yields.
- World Liberty Financial aims to create a hub for DeFi applications but lacks detailed information on offerings.
- The project raised $550 million in token sales, attracting interest from Trump family members and allies.
- Ethical concerns arise regarding influence peddling and regulatory compliance issues.
- TRUMP memecoin is trading at $11.58, down 30% monthly, and 84% off its all-time high.
