Odaily Planet Daily News WLFI announced plans to launch USD1, a stablecoin that is 1:1 redeemable for the US dollar. Inspired by President Trump, WLFI is committed to building a decentralized finance (DeFi) protocol. USD1 will be 100% backed by short-term US Treasury bonds, US dollar deposits and other cash equivalents. It will be issued on Ethereum (ETH) and Binance Smart Chain (BSC) in the early stage, and plans to expand to other blockchains in the future. Each USD1 is designed to maintain a value of $1, and the reserves are audited regularly by a third-party accounting firm.
WLFI co-founder Zach Witkoff said that USD1 combines traditional financial credibility with the advantages of DeFi to provide sovereign investors and institutions with secure and efficient cross-border trading tools. The reserves will be managed by BitGo, the world's leading digital asset custodian, and BitGo Prime will provide deep liquidity and compliant trading support for institutional clients. BitGo CEO Mike Belshe said that the launch of USD1 is an important progress in institutional-grade digital assets.