World Liberty Monetary (WLFI) – the DeFi enterprise backed by US President Donald Trump – has launched a stablecoin referred to as USD1.
Pegged to the US greenback, the token is designed to perform as a digital asset equal to the greenback and is at the moment out there on each Ethereum and Binance’s BNB blockchains.
WLFI’s USD1 Stablecoin
Though the cryptocurrency went dwell in early March, World Liberty Monetary has not issued an official announcement relating to its launch.
Changpeng ‘CZ’ Zhao, the previous CEO of Binance, was among the many first to publicly share the news by posting a hyperlink to the token on social media, the place it was subsequently acknowledged by WLFI’s official X channel. Nonetheless, the challenge warned that USD1 is “not at the moment tradable” and urged the group to concentrate on scams.
The launch of the USD1 stablecoin on the BNB Chain got here days after stories urged the Trump household held talks with Binance about buying a stake within the alternate and probably granting CZ a presidential pardon. Nonetheless, Zhao rapidly denied these claims and argued that no discussions a few enterprise deal had taken place between the crypto alternate and the Trump household.
He additionally criticized the Wall Avenue Journal article, claiming it was an assault on each President Trump and the crypto trade, and attributed the report back to ongoing efforts from the earlier administration to undermine the crypto sector.
Stablecoin Regulation With GENIUS
The launch of USD1 additionally comes at a time when the US Congress is evaluating laws that would affect the way forward for stablecoins within the nation. Particularly, the Guiding and Establishing Nationwide Innovation for US Stablecoins (GENIUS) Act, which has already cleared the Senate Banking Committee, could quickly be taken up for a full vote. Business consultants speculate that the invoice could possibly be on President Trump’s desk by June.
This might have important implications for tasks like USD1, as regulators look into the potential for stablecoins to combine extra absolutely into the monetary system.
As of now, the USD1 token has a complete provide of over $3.5 million, and WLFI has accomplished two profitable public token gross sales, elevating a complete of $550 million. Regardless of this, a lot concerning the enterprise stays shrouded in secrecy.
Binance Free $600 (CryptoPotato Unique): Use this link to register a brand new account and obtain $600 unique welcome provide on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE place on any coin!
