World Liberty Financial, a decentralized finance platform tied to the Trump family, has launched its USD1 stablecoin on BNB Chain.
Blockchain analytics firm LookOnChain identified the deployment, noting interactions between the contract and a wallet linked to crypto market maker Wintermute, suggesting test transfers.
The stablecoin contract was deployed approximately 20 days ago, according to Binance founder Changpeng Zhao. However, there has been no official statement from WLFI or the Trump family regarding the launch.
The USD1 contract is publicly visible on BNB (BNB) Chain’s blockchain explorer.
A stablecoin is a type of crypto designed to maintain a stable value, often pegged to a traditional currency like the U.S. dollar. Unlike other crypto, which can fluctuate in price, stablecoins are consistent, making them useful for payments and trading.
https://twitter.com/cz_binance/status/1904206000456077411
By launching USD1, WLFI appears to be entering the competitive space of dollar-backed digital assets. Stablecoin legislation is a hot-topic issue right now in the crypto space.
WLFI has positioned itself as a platform aiming to promote U.S. dollar-backed stablecoins in the crypto space. The launch of USD1 adds to the growing ecosystem of stablecoins on BNB Chain, as WLFI continues expanding its presence in the DeFi sector.
