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World Liberty Financial (WLFI) has released its USD1 stablecoin after community speculation emerged yesterday following on-chain discoveries.
Linked to the Trump family through strong connections, the project aims to capture a large slice of the US market by adopting the former president's vision of dollar supremacy in stablecoins.
WLFI enters the stablecoin race
World Liberty Financial announced the launch of USD1, a stablecoin pegged to the US dollar. The new USD1 stablecoin maintains a 1:1 parity with the US dollar through a hedge consisting of short-term US Treasury bonds, dollar deposits and other cash equivalents.
The latest press release from WLFI confirmed that USD1 tokens will initially be available on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains.
Medium
The introduction of stablecoin on BSC has sparked rumours of a possible partnership with Binance, but Binance's role remains uncertain. Crypto analysts have reported that Wintermute has conducted trading activity since the creation of USD1 tokens a fortnight ago.
The former CEO of Binance, Changpeng "CZ" Zhao, fuelled speculation by reacting to the announcement with an eye emoji, signalling interest in the project but without providing a concrete commitment. WLFI has made no statement on the possible partnership with Binance, while the safekeeping of the token reserves is entrusted to BitGo.
Recent discussions on the role of stablecoins in the preservation of dollar supremacy are reflected in this project. USD1 offers access to the capabilities of decentralised finance with the credibility and guarantees of traditional financial institutions.
Steve Witkoff, co-founder of WLFI and former diplomatic envoy of Trump, stated that sovereign investors and large institutions can confidently integrate their strategies with our dollar-anchored stablecoin.
Recent developments show an expansion of the Trump family's influence in the cryptocurrency sector through the collaboration between Trump Media and Crypto.com to launch multiple ETFs.
However, concerns about USD1's reserves are emerging. According to WLFI's statements, the company confirmed that the reserves will include 'other cash equivalents', but without providing precise details. WLFI has stated its intention to conduct regular audits through independent auditing firms, a promise also made by Tether, but so far neither company has submitted an actual audit.
Financial statements show that WLFI's portfolio currently holds over USD111 million in unrealised losses from further cryptocurrency investments. Market participants are waiting to see how WLFI will manage these assets in relation to USD1.
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