World Liberty Financial Launches USD1 Stablecoin in Washington

World Liberty Financial (WLFI), a cryptocurrency venture backed by Donald Trump and his family, has launched a new stablecoin called USD1, pegged to the U.S. dollar and fully backed by cash reserves and U.S. Treasury bills. The USD1 stablecoin debuted at a Washington crypto event where co-founder Zach Witkoff and Donald Trump Jr. emphasized its potential to revolutionize transactions in the decentralized finance space. Positioned to compete with established stablecoins like Tether and USDC, USD1 aims to provide a secure option for both retail and institutional investors, with plans for auditing by a third-party firm. The launch comes amid ongoing legislative efforts in Congress to regulate stablecoins, suggesting a close alignment between the Trump family's business interests and potential regulatory frameworks. Critics have raised ethical concerns regarding the Trump family's involvement in the cryptocurrency industry, particularly regarding conflicts of interest. The stablecoin's entry into the market is seen as a strategic move to capitalize on the growing demand for digital currencies and stable assets.