A cryptocurrency venture backed by President Trump and his family is planning to launch a stablecoin backed by US government debt.
World Liberty Financial, a crypto company founded by Donald Trump and his sons, Donald Jr, Eric and Barron, two months before the US presidential election last year, said the stablecoin, called USD1, would be fully backed by US treasuries, dollars and other cash equivalents.
Stablecoins are a type of cryptocurrency that can be pegged one-to-one to the value of the greenback.
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Zach Witkoff, World Liberty’s co-founder, said: “We’re offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions.”
USD1 will be “fully backed
