Donald Trump's World Liberty Financial is preparing to launch USD1, a dollar-pegged stablecoin, after successfully raising more than $500 million through the sale of a standalone digital token, Bloomberg has reported.
According to a statement released Tuesday, USD1 will be fully backed by US Treasuries, US dollars, and other cash equivalents, maintaining its value at $1.
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Stablecoins such as USD1, Tether, and USDC have gained popularity, becoming essential components of the multi-billion-dollar cryptocurrency trading industry.
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Currently, stablecoins in circulation exceeded $237 billion, according to CoinGecko.