Trump’s World Liberty Financial crypto venture to launch stablecoin – Cryptocurrency News
Donald Trump’s World Liberty Financial crypto venture will launch a dollar-pegged stablecoin, it said in a statement on Tuesday, after raising more than half a billion dollars from selling a separate digital token.
The stablecoin, called USD1, will be fully backed by U.S. Treasuries, dollars and other cash equivalents and is designed to keep a value of $1, World Liberty said in the statement.
Dollar-pegged stablecoins such as Tether and USDC have ballooned in recent years and now act as a key cog in the multi-trillion dollar crypto trading industry, helping move funds between different cryptocurrencies or into regular cash.
Stablecoins in circulation currently total over $237 billion, according to data provider CoinGecko.
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