President Donald Trump’s crypto project, World Liberty Financial, announced plans to release a stablecoin designed to be redeemable one-for-one with the US dollar. This announcement arrives amidst increased support from his administration for digital tokens, which are the foundation of most crypto transactions.
The USD1 token, according to a statement released Tuesday by the Trump-backed decentralized finance (DeFi) firm, will be fully backed by short-term US Treasuries, dollar deposits, and other cash equivalents. BitGo Inc. is set to act as custodian for the token. Initially, the USD1 tokens will be minted on both the Ethereum and Binance Smart Chain blockchains. At this time, no specific launch date has been provided.
