Trump’s Crypto Project to Offer Dollar-Tracking Stablecoin
The USD1 token will be backed by short-term Treasuries, dollar deposits and other cash equivalents.
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President Donald Trump’s crypto project World Liberty Financial said it plans to launch a stablecoin redeemable one-for-one with the dollar, an announcement that comes as his administration throws its support behind the digital tokens that underpin most crypto transactions.
The USD1 token will be 100% backed by short-term US Treasuries, dollar deposits and other cash equivalents, the Trump-backed decentralized-finance, or DeFi, firm said in a statement Tuesday. BitGo Inc. will serve as custodian and the USD1 tokens will be initially minted on the Ethereum and Binance Smart Chain blockchains. No timetable was disclosed.