World Liberty Financial plans to launch USD1 stablecoin for online business payments, backed by Trump.
DeFi & Yields ·
World Liberty Financial, a venture with ties to the Trump family, is advancing its USD1 stablecoin toward broader adoption in online commerce. The stablecoin, which maintains a $1 peg and is currently issued by BitGo, had reached a market capitalization of $4.45 billion at the time of reporting. The initiative targets payment processing for digital businesses as part of efforts to expand the stablecoin's real-world utility.
The project gained regulatory momentum when the US Office of the Comptroller of the Currency granted conditional approval in August for WLFI to charter a national trust bank. This authorization would permit the entity to assume direct issuance responsibility for USD1 and custody digital assets, moving away from reliance on BitGo as the issuer. The stablecoin's reserves consist of cash, US government money market funds, and equivalent liquid holdings.
The regulatory clearance has faced political pushback, with Senator Elizabeth Warren raising concerns about potential conflicts of interest tied to the Trump family's involvement, and introducing the Ending Presidential Corruption in Banking Act alongside other senators in response. The OCC maintained that its review process adhered to statutory duties and ethical standards. Whether and when USD1 issuance transitions to WLFI's own trust bank remains to be confirmed.