Trump’s Crypto Project to Issue a Dollar-pegged Stablecoin
World Liberty Financial, a decentralized finance venture supported by President Donald Trump and his family, has launched a stablecoin, entering a competitive market.
On Tuesday, the company announced that USD1, the new stablecoin, will be pegged to the US dollar and backed by short-term US government treasuries, US dollar deposits, and other cash equivalents. It will soon be available on the Ethereum and Binance Smart Chain networks.
“USD1 offers what algorithmic and anonymous crypto projects cannot—access to the power of DeFi with the credibility and safeguards of the most respected names in traditional finance,” said World Liberty Financial co-founder Zach Witkoff. “We’re providing a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions.”
This launch comes as the market cap for dollar-backed stablecoins—cryptocurrencies with a fixed value peg—continues to reach new heights, having grown over 46% in the past year, according to CryptoQuant.
