Crypto Observers on Monday speculated that World Liberty Financial (WLFI), a distributed financial (DEFI) platform supported by President Donald Trump and his family, could be testing the much-anticipated stable rock of dollars before rolling out for the wider public.
Earlier today, blockchain detectives noted a surge in activity using tokens labeled World Liberty Financial USD (USD1) on blockchain surveillance websites Etherscan and BSCSCAN. USD1 was deployed earlier this month in a series of transactions with Ethereum and BNB chain networks, with tokens occurring over the past few weeks, according to blockchain data.
Some transfers included addresses linked to WinterMute, a large digital asset trading company and market maker, Crypto Custodian Bitgo, according to data from Arkham Intelligence. Token supply was now around 3.5 million to 3.5 million on Ethereum and BNB chains, per Etherscan and BSCSCAN.
Changpeng CZ Zhao, founder of Crypto Exchange Giant Binance, has taken extensive attention to the tokens by “welcoming” the BNB chain’s projects with a screenshot of the USD1 BSCSCAN profile shared with 10 million followers. The post, which I said later, sparked a wave of copycats aimed at attracting new attention.
The WLFI responding with the X post states that USD1 is currently unavailable for transactions, and crypto users should be aware of fraud.
Stablecoin topic
The WLFI, a project led by Zachary Folkman and Chase Herro, created Splash last year as one of the first crypto projects to enjoy backing Trump. The protocol aims to provide a blockchain-based market where users can borrow and lend cryptocurrencies, create liquidity pools and trade with Stablecoins.
It is widely known that the project is working on creating its own Stablecoin, but there was no official communication about the exact plan and timing of launching the token publicly. Coindesk contacted the team but did not reply.
Stablecoins is one of the fastest growing corners in the crypto industry and is widely regarded as a killer use case for blockchain. It is widely used as crypto trading pairs and transactions on blockchain rails, mainly towards the US dollar, as prices are fixed to external assets. It is also increasingly used for daily payments, remittances and savings, attracting the attention of many venture capital investors.
Over the past few months, talk around asset classes have rejuvenated as the Trump administration has raised stubcoin regulations to the top of its crypto agenda. Treasury Secretary Scott Bessent said Stablecoins play a key role in maintaining their global role as a reserve currency for the US dollar.
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