Trump-Backed USD1 Stablecoin Targets Institutional Investors

World Liberty Financial (WLFI), backed by President Donald Trump, has announced the launch of a new stablecoin, USD1, which is pegged to the U.S. dollar and backed by short-term U.S. Treasury bills, dollar deposits, and other cash equivalents. The stablecoin will debut on Ethereum and Binance Smart Chain, providing institutional investors with a secure digital dollar for cross-border transactions. The reserves for USD1 will be custodied by BitGo, and its operations will be audited by a third-party firm. This initiative is part of Trump's broader strategy to position the U.S. as a leader in the cryptocurrency sector. The announcement follows WLFI's previous move to initiate test transactions on the Binance BNB Chain. These developments align with legislative efforts to facilitate stablecoin operations in the U.S., with strong support from the White House.