TechFlow news, on March 25, World Liberty Financial Inc. (WLFI) announced plans to launch a stablecoin called USD1, which will be pegged 1:1 to the U.S. dollar.
USD1 will be fully backed 100% by short-term U.S. Treasury securities, U.S. dollar deposits, and other cash equivalents. Initially, USD1 tokens will be issued on the Ethereum and Binance Smart Chain networks, with plans to expand to other blockchains in the future. Each token is designed to maintain a value of one U.S. dollar and will be fully backed by a reserve portfolio subject to regular audits by an independent third-party accounting firm.
The reserves for USD1 will be custodied by BitGo, and BitGo Prime will also support USD1, providing institutional clients with deep liquidity and trading services.
