Binance will list the USD1 Stablecoin of World Liberty Financial on May 22, marking an important milestone for the controversial digital dollar alternative.
According to the official announcement, USD1 will begin to quote at 12:00 UTC on May 22 and the withdrawals will open the next day. USD1 is a stablecoin backed by Fiat designed for Montain a 1: 1 plug with the US dollar. It was released in March by World Liberty Financial, a Fintech headquarters based in Miami linked to Donald Trump and his family.
The Token is backed by cash, Treasury Bonds of the United States in the short term and deposits in dollars, and is a problem and is administered by Bitgo Trust Company, a regulated fiduciary entity of the United States. While reserve audits are made regularly, detailed breakdowns are still private.
The Binance list could significantly boost the Liqueness and visibility of USD1. Already listed in exchanges such as Kucin, USD1 has quickly become the seventh larger stable per market capitalization, dimensioning a market capitalization of $ 2.1 billion in May.
Its rapid increase has been driven by institutional support, including an investment of $ 2 billion in the MGX of Abu Dhabi, as well as its growing application in retail payments and decentralized finance platforms. USD1 currently operates in Ethereum (ETH) and BNB Chain (BNB), with plans to use the Chainlink cross chain protocol (Link) to expand to other networks.
USD1 aims to become an important stable competitor known as Tether (USDT) and USD Coin (USDC) offering characteristics such as mining without rates and institutional degree custody. But it has a leg for some controversy around the rise of Stablecoin.
American legislators, particularly the Senate Democrats, have expressed concern about the close ties of the Trump family with WLFI. The “main defender of the company’s crypto” is Donald Trump, and his “Web3 ambassadors” are his children. Since the regulation of the stable, including the Genius Law proposes, remains a contentious issue, critics argue that this raises the possibility of conflicts of interest.
Despite the political scrutiny, WLFI argues that the USD1 fully complies with US regulations, including standards against money laundering and knowledge of its client. A legal response recently to an investigation of Congress dismissed groups as “fundamentally flaved.” As USD1 prepares to debut in the largest cryptographic exchange in the world, all eyes are in their impulse can continue.
