World Liberty Financial (WLFI), a decentralized finance venture backed by President Donald Trump’s family, has launched its stablecoin USD1, pegged to the US dollar and backed by short-term US government treasuries. The launch comes as the market cap for dollar-backed stablecoins has grown over 46% in the past year.
The new stablecoin will be available on Ethereum and Binance Smart Chain networks. WLFI claims that USD1 provides access to DeFi underpinned by traditional finance credibility, offering a digital dollar for seamless, secure cross-border transactions.
WLFI has raised $550 million through two token sales, drawing high-profile backers like Tron founder Justin Sun. The company’s rapid rise coincides with the Trump administration’s accelerating crypto agenda, including an executive order to create a Strategic Bitcoin Reserve.
The launch of USD1 joins an increasingly crowded market of stablecoins, with companies like PayPal and Gemini already issuing their own US dollar-backed stablecoins. Treasury Secretary Scott Bessent has emphasized the use of stablecoins to maintain the US dollar’s dominance as a reserve currency.
Stablecoin legislation is expected to be passed this year, which could lead to banks issuing their own stablecoins for faster payments. Industry experts believe that stablecoins will have a significant impact on the global economy and secure the US dollar’s position for centuries.
Source: https://www.cnbc.com/2025/03/25/trumps-world-liberty-financial-jumps-into-stablecoin-game-with-usd1-reveal.html