World Liberty Financial, the cryptocurrency firm from which Donald Trump profits, has announced its plan to launch a stablecoin, USD1.
USD1 is described as a stablecoin pegged to the US dollar that “will be 100% backed by short-term US government treasuries, US dollar deposits, and other cash equivalents.”
Apparently, the stablecoin will launch on Ethereum and Binance Smart Chain.
Custody for the coin will be managed by BitGo, the firm that collaborates with Justin Sun and BiT Global for Wrapped Bitcoin (WBTC), a major component of the World Liberty Financial portfolio.
Interestingly, neither the governance forums nor the governance portal discussed or voted on the launch of USD1 and this change to World Liberty Financial. Actually, there has not been a single post of any kind in the governance forum since January 9.
Read more: Is World Liberty Financial a dead project?
So far, only a single vote has been held and this concerned launching an AAVE instance. Despite that vote concluding over three months ago in December of last year, that instance has yet to launch.
Even more intriguing is the possibility that industry participants knew about this project before its launch. Before this project’s announcement, Binance founder Changpeng Zhao highlighted a contract on Binance Smart Chain that bore the same name.
Cryptocurrency market maker Wintermute appears to have interacted with this token as well.
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