Former US President Donald Trump’s crypto venture World Liberty Financial launched a US dollar-pegged stablecoin, USD1, on the BNB Chain and Ethereum, according to data from Etherscan and BscScan. The stablecoin has a total supply of over $3.5 million.
The launch comes as US lawmakers consider passing the GENIUS Act, which aims to establish guidelines for the development of stablecoins in the US. World Liberty Financial’s stablecoin is not currently tradeable.
Trump’s crypto venture has faced scrutiny over conflicts of interest, particularly after its public token sales netted the company $550 million. However, this latest move suggests that the stablecoin market continues to grow, with online analytics platforms showing a significant increase in active stablecoin wallets and total market capitalization surpassing $200 billion.
World Liberty Financial’s executive director Bo Hines expects the GENIUS bill to be taken up for a full floor vote soon. The company’s website notes that Trump and his family members control 60% of its equity interests, raising questions about potential conflicts of interest in Trump’s crypto ventures.
Source: https://www.tradingview.com/news/cointelegraph:debedf6ad094b:0-trump-s-crypto-project-launches-stablecoin-on-bnb-chain-ethereum