The World Liberty Financial USD token, dubbed USD1, was recently launched on both Ethereum and BNB Chain networks, sparking speculation about a potential dollar-backed stablecoin initiative linked to Donald Trump’s DeFi platform. This token has seen significant activity, including transactions involving digital asset trading firm Wintermute and crypto custodian BitGo. According to available data, the total supply of USD1 on these networks is approximately 3.5 million.
As blockchain enthusiasts have been discussing, the deployment of USD1 may indicate that World Liberty Financial (WLFI) is preparing to roll out its long-awaited stablecoin to a wider audience. WLFI aims to create a decentralized marketplace for borrowing and lending cryptocurrencies alongside stablecoin transactions. Despite the recent excitement, WLFI has clarified that the USD1 token is not available for trading yet, cautioning users against potential scams.
Changpeng Zhao, CEO of Binance, highlighted the token’s entry into the crypto space by promoting it to his substantial follower count. His endorsement subsequently led to an influx of attention and imitation projects attempting to leverage the burgeoning interest in stablecoins.
Established last year, WLFI has been positioned as a prominent player in the DeFi landscape, backed by the Trump family. Although the project had actively discussed the development of its stablecoin, there has been no official announcement on its launch timeline. As stablecoins continue to gain traction, they are increasingly viewed as essential tools for on-chain transactions and everyday payments, which have attracted investments and regulatory interest, particularly under the current U.S. administration.
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