World Liberty Financial, linked to the Trump family, launches USD1, a new dollar-pegged stablecoin.

World Liberty Financial, a cryptocurrency venture linked to the Trump family, has launched a dollar-pegged stablecoin called USD1 on Ethereum and Binance Smart Chain. Backed by US treasuries and cash equivalents, USD1 aims to provide stability in the crypto market. The company has raised $550 million through sales of WLFI tokens. With the stablecoin market at around $200 billion, USD1 seeks to compete with established players like Tether (USDT) and USD Coin (USDC). The exact launch date and trading details for USD1 are yet to be announced.