JAKARTA - The crypto company backed by Donald Trump, World Liberty Financial, announced plans to launch a stablecoin called USD1 pegged against the US dollar and supported by US government bonds and other cash equivalents.
USD1 will launch on the Ethereum blockchain and Binance Smart Chain, with plans to expand to other protocols in the future. The token is designed to maintain a fixed value of 1 US dollar and will be backed by a backup portfolio that is regularly audited by third-party accounting firms. However, details regarding the accounting firm and the launch date have not been announced.
Zach Witkoff, co-founder of World Liberty Financial, stated that institutional and government investors can use USD1 for safe and efficient cross-border transactions.
World Liberty Financial was announced two months before the US presidential election by Trump, his three sons, and top adviser Steve Witkoff, who is also the father of Zach Witkoff. So far, the company has raised $550 million through cryptocurrency sales known as WLFI.
This step marks Trump's latest efforts and his family to strengthen the United States' position in the decentralized cryptocurrency and finance sector (DeFi). Previously, this project had attracted more than 100,000 registrants ahead of the launch of its token.
With the launch of USD1, World Liberty Financial aims to bridge DeFi's flexibility with a trusted traditional financial framework, offering stable and secure alternatives to users and investors in the crypto market.
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