Trump Plans Launch of USD1 Stablecoin Backed by Treasuries

World Liberty Financial, a cryptocurrency venture associated with Donald Trump and his sons, has announced the launch of a new stablecoin, USD1, which will be pegged to the US dollar and backed by U.S. Treasuries and cash equivalents. The coin will initially be minted on the Ethereum and Binance Smart Chain blockchains, with plans for future expansion. Co-founder Zach Witkoff emphasized that USD1 aims to facilitate secure cross-border transactions for sovereign investors and institutions. This launch comes amid a growing trend of support for stablecoins in Washington, as legislation addressing their regulation is advancing. Since its inception, World Liberty Financial has raised $550 million through previous token sales. The launch raises questions about potential conflicts of interest regarding Trump's ties to the crypto industry amidst his presidential campaign.