The World Liberty Financial team stated that voting is necessary to verify the technical functionality of the airdrop mechanism. Voting should conclude on May 14, but the initiative has already received overwhelming support from participants. The proposal was approved by 99.97% of eligible voters, who own 2.6 billion tokens. 0.03% of users with 958,400 tokens voted against.
The distribution of USD1 has not yet been scheduled, however, World Liberty Financial has warned that changes may be made to the airdrop rules, or it may be canceled at any time at the discretion of the platform.
The WLFI platform positions USD1 as a stablecoin backed by short-term U.S. Treasury bills, cash, and cash equivalents. The custodial service BitGo intends to control the reserves backing the USD1 stablecoin.
The USD1 token was unofficially launched on the BNB Chain network in early March. On March 25, World Liberty Financial officially announced the launch, stating that the token would initially be available on the Ethereum and Binance Smart Chain blockchains.
The launch of the stablecoin was criticized by House Financial Services Committee member Maxine Waters. She fears that through USD1, the Trump family could receive unlimited profits, undermining Congressional efforts to improve cryptocurrency regulation.
