World Liberty Financial (WLFI), a DeFi project backed by U.S. President Donald Trump, has unveiled a new stablecoin, USD1. Pegged to the U.S. dollar, USD1 is now available on both Ethereum and Binance’s BNB Chain. However, the token is not yet tradable.
WLFI’s Stablecoin Makes Its Debut
Despite its early March launch, WLFI has yet to issue an official statement regarding USD1. The news first surfaced when Binance former CEO, Changpeng ‘CZ’ Zhao, shared a link to the token on social media. WLFI’s official X account acknowledged the post but warned users that USD1 is not currently tradable, urging caution against potential scams.
The introduction of USD1 on BNB Chain coincided with reports suggesting that the Trump family had discussed acquiring a stake in Binance and possibly securing a presidential pardon for CZ. However, Zhao swiftly dismissed these claims, stating that no such talks had taken place. He further criticized a Wall Street Journal report on the matter, calling it an attack on both Trump and the broader cryptocurrency industry.
Stablecoin Regulation and the GENIUS Act
The launch of USD1 comes amid ongoing discussions in the U.S. Congress about stablecoin regulation. Lawmakers are reviewing the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which has already passed the Senate Banking Committee. The bill, which could reach Trump’s desk by June, may significantly impact projects like USD1 as regulators assess the role of stablecoins in the financial system.
Currently, USD1 has a total supply exceeding $3.5 million. WLFI has successfully conducted two public token sales, raising $550 million. However, many aspects of the project remain undisclosed, leaving the future of USD1 shrouded in mystery.
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