World Liberty Financial Inc. (WLFI) on Tuesday announced plans to launch USD1, a fully backed stablecoin designed for institutional adoption. USD1 will be pegged 1:1 to the US dollar and" 100% backed by short-term US government treasuries, US dollar deposits, and other cash equivalents," according to an emailed press release. The stablecoin will initially launch on Ethereum (ETH) and Binance Smart Chain (BSC), with plans for expansion. Its reserves will be custodied by BitGo, a digital asset security firm, and regularly audited by third-party firms to ensure transparency. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
