Donald Trump’s World Liberty Financial (WLFI) has again made a big move in the crypto space. This time, the DeFi project has announced plans to launch a Dollar-pegged stablecoin on Ethereum and BNB Chain. Binance’s former CEO, Changpeng Zhao, also reacted to this development and welcomed WLFI aboard.
In a press release, World Liberty Financial announced plans to launch the USD1 stablecoin, which will be redeemable 1:1 for the US Dollar. According to the firm, the stablecoin will be 100% backed by short-term US government treasuries, US Dollar deposits, and other cash equivalents.
WLFI stated that they will initially mint the USD1 tokens on the Ethereum and Binance Smart Chain (BSC) blockchains, with plans to extend to other protocols in the future.
Onchain data indicates that World Liberty Financial has issued the stablecoin on the BNB chain. The token is still in the testing phase, and market maker Wintermute is among those who have carried out test transactions. Onchain data also shows that the stablecoin was deployed twenty days ago.
Binance founder Changpeng “CZ” Zhao already reacted to the development when the on-chain data came to light, welcoming the DeFi project aboard the top layer-1 network. CZ also noted that the smart contract was deployed 20 days ago.
Commenting on the announcement, WLFI co-founder Zach Witkoff said,
USD1 provides what algorithmic and anonymous crypto projects cannot — access to the power of DeFi underpinned by the credibility and safeguards of the most respected names in traditional finance. We’re offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions.”
Amid World Liberty Financial’s supposed stablecoin issuance, the BNB Chain has launched a $100 million permanent liquidity program. The network remarked that this initiative aims to further enhance its ecosystem’s liquidity and foster project growth by incentivizing exchanges to list native BNB Chain tokens, thereby strengthening on-chain liquidity and solidifying market foundations.
BNB further announced that this round of liquidity support will cover all sectors, including meme, AI, DeFi, gaming, and more. The network stated that they will distribute the rewards on a first-come, first-served basis to projects that meet the criteria.
One of the criteria is the exchange that lists the token. BNB categorized the exchanges into T1, T2, and T3. T1 includes top crypto exchanges Binance, Coinbase, and Upbit. Tokens that achieve listings on these exchanges will receive up to $500,000. Meanwhile, tokens listed on T2 and T3 exchanges will receive up to $250,000 and $50,000, respectively.
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