By Tom Wilson and Elizabeth Howcroft
LONDON (Reuters) – Donald Trump’s World Liberty Financial crypto venture will launch a dollar-pegged stablecoin called USD1, backed by U.S. Treasuries, dollars and other cash equivalents, it said in a statement on Tuesday.
USD1 will be launched on the Ethereum and Binance Smart Chain blockchains, the statement said, with plans to launch to other protocols in the future.
The digital token, intended to keep a value of $1, will be “fully backed by a reserve portfolio audited regularly by a third-party accounting firm,” World Liberty said, without giving details of the accounting firm, or the date of its launch.
Zach Witkoff, World Liberty’s co-founder, said “sovereign investors and major institutions” would be able to integrate USD1 “into their strategies for seamless, secure cross-border transactions.”
World Liberty was announced two months before the U.S. election by Trump, his three sons and one of his top advisors, the billionaire real estate businessman Steve Witkoff, the father of Zach.
The venture has so far raised $550 million selling cryptocurrencies known as $WLFI, it has said.
(Reporting by Tom Wilson and Elizabeth Howcroft, Editing by Louise Heavens)
