The USD1 stablecoin is the latest of Trump's crypto ventures an addition to the fastest growing sector of the crypto economy.
The World Liberty Financial website arranged on a smartphone in New York, US, on Wednesday, Feb. 12, 2025. Gabby Jones | Bloomberg | Getty Images World Liberty Financial, the decentralized finance venture backed by President Donald Trump and his family, has launched a stablecoin, joining an increasingly crowded market. The company said Tuesday that the stablecoin, dubbed USD1, will be pegged to the U.S. dollar and be backed by short-term U.S. government treasuries, U.S. dollar deposits, and other cash equivalents. It will soon go live on the Ethereum and Binance Smart Chain networks. "USD1 provides what algorithmic and anonymous crypto projects cannot — access to the power of DeFi underpinned by the credibility and safeguards of the most respected names in traditional finance," said World Liberty Financial co-founder Zach Witkoff. "We're offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions." The development comes as the market cap for dollar-backed stablecoins — cryptocurrencies that promise a fixed value peg to another asset — has been climbing to new all-time-highs this year and has grown more than 46% in…