USD-backed Stablecoin Launched on BNB Chain by Firm Linked to Trump

World Liberty Financial (WLFI), a decentralized finance platform associated with the Trump family, has introduced its USD1 stablecoin on BNB Chain.

LookOnChain, a blockchain analytics firm, detected the launch, observing interactions between the contract and a wallet associated with crypto market maker Wintermute, indicating test transfers.

The stablecoin contract was initiated around 20 days ago, as per Binance founder Changpeng Zhao. Nevertheless, there has been no formal announcement from WLFI or the Trump family concerning the launch.

The USD1 contract is openly accessible on BNB (BNB) Chain's blockchain explorer.

A stablecoin is a form of cryptocurrency intended to preserve a steady value, often tied to a conventional currency like the U.S. dollar. Unlike other cryptocurrencies, which can vary in value, stablecoins remain steady, making them valuable for transactions and trading.

By releasing USD1, WLFI seems to be venturing into the competitive field of digital assets backed by the U.S. dollar. Legislation regarding stablecoins is currently a contentious topic in the crypto world.

WLFI has branded itself as a platform dedicated to promoting stablecoins backed by the U.S. dollar in the crypto space. The launch of USD1 contributes to the expanding ecosystem of stablecoins on BNB Chain, as WLFI continues to broaden its reach in the decentralized finance sector.