Trump-backed World Liberty Financial to launch USD1 stablecoin

​​​​​​​By Dilara Zengin Okay and Mucahithan Avcioglu

WASHINGTON/ISTANBUL (AA) - World Liberty Financial (WLFI), the decentralized (DeFi) financial protocol and management platform backed by US President Donald Trump and his family, announced plans to launch the USD1 stablecoin, according to a statement Tuesday by the platform.

"WLFI’s USD1 will be 100% backed by short-term US government treasuries, US dollar deposits, and other cash equivalents," it said.

Initially, USD1 tokens will be produced on the Ethereum and Binance Smart Chain blockchains, with plans to expand to other protocols. They will be regularly audited by an independent accounting firm and their reserves will be held by the digital asset custody company, BitGo.

BitGo, the world’s largest independent qualified digital asset custodian, and pioneer in digital asset security, custody, and liquidity, will custody USD1 reserves.

“USD1 provides what algorithmic and anonymous crypto projects cannot — access to the power of DeFi underpinned by the credibility and safeguards of the most respected names in traditional finance,” said Zach Witkoff, WLFI co-founder.

“We’re offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions," he added.