Trump-Backed World Liberty Financial (WLFI) Confirms Plans to Launch Dollar Stablecoin with BitGo

Donald Trump-Backed World Liberty Financial Confirms Plans to Launch Dollar Stablecoin with BitGo

The USD1 token will be fully backed by US government securities and cash, with BitGo providing custody services.

Christian Sandor | Edited by Steven Alpher Updated Mar 25, 2025 1:24 PM UTC Published Mar 25, 2025 12:59 PM UTC

What you need to know:

• World Liberty Financial (WLFI), a decentralized financial protocol backed by US President Trump, has confirmed its plans to create a stablecoin.
• USD1 will be fully backed by short-term government securities, US dollar deposits and other cash equivalents, and will initially be available on Ethereum and BNB Chain.
• According to WLFI co-founder Zach Witkoff, the stablecoin aims to provide access to DeFi with the reliability and security of traditional finance by offering a digital dollar that can be used in secure cross-border transactions.

World Liberty Financial (WLFI), a decentralized financial protocol backed by President Donald Trump and his family, confirmed its plans to launch a U.S. dollar-backed stablecoin on Tuesday.

USD1 will be pegged to $1 and will be fully backed by short-term government securities, U.S. dollar deposits, and other cash equivalents. The reserves will be held by BitGo, while BitGo Prime, the company’s brokerage service, will provide liquidity for the token.

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According to the protocol, the stablecoin will initially be available on Ethereum and BNB Chain, with subsequent expansion to other networks.

The announcement comes after crypto observers spotted test transactions involving the World Liberty Financial USD (USD1) token on Ethereum and BNB Chain involving BitGo and market maker Wintermute.

“USD1 provides something that algorithmic and anonymous crypto projects cannot provide — access to DeFi capabilities backed by the authority and assurances of the most respected names in traditional finance,” said Zach Witkoff, co-founder of WLFI. “We offer a digital dollar stablecoin that sovereign investors and large institutions can safely integrate into their strategies for seamless and secure cross-border transactions.”

WLFI, a project led by Zachary Folkman and Chase Herro, made waves last year as one of the first crypto projects to receive Trump’s backing. The protocol aims to create a blockchain-based marketplace where users can borrow and lend cryptocurrencies, form liquidity pools, and transact in stablecoins.

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