WLFI plans to launch USD1 stablecoin for institutional users

Odaily News WLFI announced plans to launch USD1, a stablecoin that is 1:1 redeemable for USD. Inspired by President Trump, WLFI is committed to building a decentralized finance (DeFi) protocol. USD1 will be 100% backed by short-term US Treasury bonds, US dollar deposits and other cash equivalents, and will initially be issued on Ethereum (ETH) and Binance Smart Chain (BSC), with plans to expand to other blockchains in the future. Each USD1 is designed to maintain a value of $1, and reserves are regularly audited by third-party accounting firms.
Zach Witkoff, co-founder of WLFI, said that USD1 combines the credibility of traditional finance with the advantages of DeFi to provide sovereign investors and institutions with safe and efficient cross-border trading tools. The reserves will be managed by BitGo, the world's leading digital asset custodian, and BitGo Prime will provide deep liquidity and compliant trading support for institutional clients. BitGo CEO Mike Belshe said that the launch of USD1 is an important progress in institutional-level digital assets.