President Donald Trump looks set to take on crypto behemoths Tether and Circle through his decentralized finance project World Liberty Financial (WLFI).
The project has issued a stablecoin called World Liberty Financial USD (USD1) on the leading Layer 1 blockchains, Ethereum and BNB, according to blockchain data recently highlighted by an on-chain sleuth.
Binance founder Changpeng “CZ” Zhao drew attention to the product in a post on X on Monday, welcoming it—and possibly the WLFI project itself—to the BNB Chain.
Welcome to @BNBChain!
According to BSCScan, the smart contract was deployed 20 days ago. Build! 👏https://t.co/qr22y4pXqE https://t.co/J0TvwEnUin
— CZ 🔶 BNB (@cz_binance) March 24, 2025
What We Know About USD1
Although the WLFI team has kept details about the USD1 token under wraps, blockchain data has provided some key insights:
- The token was quietly deployed on Ethereum and the BNB Chain 20 days ago.
- The token has a 3.5 million supply on both Ethereum and the BNB Chain.
- Renowned market maker Wintermute and prominent crypto custodian BitGo are involved in the launch, according to Arkham Intelligence data.
- The token is not yet tradable, according to the WLFI team.
WLFI’s USD1 issuance comes as the Trump administration is pushing to have stablecoin regulations go live before the end of the year. One such bill, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, has advanced to a full Senate vote after clearing the Senate Banking Committee despite resistance from Democrats.
The Trump administration has thrown its weight behind a common argument of crypto proponents that dollar stablecoins will further solidify the U.S.’s role as the world’s reserve currency while also driving demand for U.S. debt instruments.
This viewpoint comes as these products, which largely maintain their peg with a mix of U.S. treasury bills and cash, have ballooned into an over $230 billion sector with growing adoption in payments and remittances.
Thanks to their ease of use, stablecoins have also become a popular choice for citizens in developing countries seeking a hedge against inflation and currency devaluation.
This success has made stablecoins a big business. For instance, Tether reported $13 billion in profits last year. The Trump-backed WLFI is eying a piece of this pie with USD1.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
