US President Donald Trump’s crypto project World Liberty Financial has launched a new stablecoin called USD1, which is pegged to the U.S. dollar. The cryptocurrency is live on both the Ethereum and Binance blockchains, decentralized databases that track digital assets.
Initially, the launch was not publicly announced by World Liberty Financial, but Changpeng Zhao, the former CEO of Binance, shared a link to the token with his 10 million followers on X. The social media account for World Liberty Financial later acknowledged the legitimacy of the link.
According to Zach Witkoff, one of the project’s cofounders, USD1 is designed to offer a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their financial systems.
Stablecoins are cryptocurrencies designed not to fluctuate in value, backed by reserves such as cash or Treasury bills. The two largest stablecoins, USDT and USDC, have market capitalizations of over $143 billion and $60 billion respectively.
The Trump family’s new stablecoin is similar to existing tokens on the market but has a unique approach. It will be managed by BitGo, a crypto custodian, and will not use complex yield-generating mechanisms to generate interest for its holders.
World Liberty Financial, launched in August, aims to provide decentralized finance (DeFi) services through its platform. The project’s product plans are vague, but it has allowed users to buy its own cryptocurrency, $WLFI, which allows them to vote on proposals governing the platform.
The Trump family’s crypto venture has raised over $550 million in token sales and has attracted investors despite concerns over potential influence peddling.
Source: https://fortune.com/crypto/2025/03/24/world-liberty-financial-usd1-stablecoin-donald-trump-binance-cz