World Liberty Financial Launches USD1 Stablecoin on Ethereum and BNB Chain
By: Eliza Bennet
World Liberty Financial, a crypto project backed by former U.S. President Donald Trump, has successfully launched a new stablecoin, named USD1, on March 4. The stablecoin, pegged to the US dollar, boasts a total supply exceeding $3.5 million. Initially, the USD1 stablecoin operates on two prominent blockchain platforms: the BNB Chain and Ethereum. However, it is important to note that the stablecoin is "not currently tradeable," as indicated by World Liberty Financial. This launch arrives amidst ongoing discussions within the U.S. regarding stablecoin legislation and pegging algorithms, encapsulated in the proposed Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The bill recently cleared a significant hurdle by moving out of the Senate Banking Committee and awaits a full floor vote in the near future.
The introduction of USD1 marks a notable expansion in the realm of stablecoins, contrasting with other available tokens in the market through its association with Trump. This venture has seen extensive preparations, initially plotted out prior to Trump's reelection campaign, only proceeding in an optimal market scenario. The stability offered by USD1 is backed by World Liberty Financial's strategic position within the blockchain space. Former Binance CEO Changpeng "CZ" Zhao confirmed the deployment of the project's smart contract across both Ethereum and BNB Chain, further solidifying the coin’s foundation.
This new addition to the ecosystem reflects an ongoing trend wherein diverse entities adopt blockchain technologies to leverage modern financial instruments. By embedding itself within the advancing NFT sectors and prevalent cryptocurrency arenas, World Liberty Financial continues to extend its capabilities. As conversations surrounding stablecoin regulation progress within government quarters, initiatives like USD1 gain attention at critical legislative phases. Proponents of cryptocurrency consider this development a tangible stride toward mainstream adoption, amplifying interest and discussion in various regulatory quarters.
