(Bloomberg) – President Donald Trump’s Crypto Project World Liberty Financial, an announcement that will be made when his administration casts support behind the digital tokens that underpin most crypto transactions, the Donald Trump Project World Liberty Financial, is set to launch one that can be redeemed for $1, one.
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USD1 tokens are 100% supported by short-term US Treasury, dollar deposits, other cash equivalents, Trump-backed diversified finances, or debt. Bitgo Inc. serves as a custodian, and the USD1 token was originally created with Ethereum and Binance smart chain blockchains. The timetable is not disclosed.
“USD1 offers something that algorithms and anonymous cryptographic projects cannot. This is access to the power of debt supported by the credibility and protection measures of traditional finance’s most respected names,” Zach Witkoff, co-founder of World Freedom, said in a statement. “We provide digital dollar stability that allows sovereign investors and key institutions to confidently integrate into strategies for seamless, secure cross-border trading.”
World Liberty was engaged in discussions about doing business with Crypto Exchange Binance Holdings Ltd., Bloomberg News reported earlier this month. Binance founder Changpeng Zhao pleaded guilty in 2023 to a failure to prevent money laundering that allowed criminal groups and terrorist groups, including Hamas, to use Binance.
The consultation included the possibility that Binance would develop a Stablecoin with global freedom. Zhao later stated in X that he had “no business transactions” with the freedom of the world or its principal. Zhao did not reply to requests for comment. Binance declined to comment.
Both the Trump administration and Congress are trying to solidify the growing importance of Stubcoin, a digital token that is supposed to maintain stable value with support from traditional assets. Representatives from World Liberty did not respond to requests for additional comment.
The two bills travelling the House and Senate are designed to give Stablecoins a major role in global payment infrastructure, with vocal support from Trump. Interest from Washington has helped to drive a steady flow of new money into the sector, as other parts of the cryptocurrency industry struggle.
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