President Donald Trump’s decentralized finance project World Liberty Financial has launched its own stablecoin on both Ethereum and Binance’s BNB ($840.53) Chain, according to on-chain data.
The launch of the token, called USD1, marks the culmination of a plan that has been in the works for some months. Decrypt previously reported in October that the Trump family and its business partners were planning to issue a stablecoin—but, at the time, they were still working out issues related to the safety and legality of such a product.
With Trump back in the White House, and congressional Republicans racing to get a bill legalizing stablecoins over the finish line, it appears the World Liberty team feels the time is right for the president himself to enter the increasingly crowded—and lucrative—stablecoin market. Representatives for World Liberty Financial did not immediately respond to Decrypt’s request for comment.
Stablecoins, which are generally pegged to the price of the U.S. dollar, serve as key on- and off-ramps betwee...
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