According to the materials from the site - By Cryptopolitan_News
Coinbase has added the USD1 stablecoin from World Liberty Financial, backed by President Donald Trump and his sons, allowing American users to trade the new digital dollar alongside USDC and USDT.
Coinbase confirmed the listing on its blog and posts on platform X. Eric Trump, co-founder of World Liberty Financial, also shared this news on platform X and promised to report new updates 'very soon'.
Coinbase adds USD1 and begins phased trading
Users from the US can now access USD1 and trade it on Coinbase. The exchange has officially added it as an ERC-20 token on the Ethereum network. This is an important step for World Liberty Financial, the largest supporter and developer of USD1, as it enters one of the largest and most regulated cryptocurrency exchanges in the world.
Coinbase stated that the launch of USD1 depends on meeting liquidity requirements, so trading will start in phases. This measure will allow the exchange to monitor supply and demand, prevent sharp price fluctuations, and ensure smooth operations for both buyers and sellers. Investors will be assured of their ability to open and close positions without losses, as this approach aligns with the platform's overall policy of maintaining order in the markets.
Coinbase also warned users not to send USD1 through networks other than Ethereum, as this could result in significant losses. This warning will help new stablecoin users who may be unaware of the consequences of sending tokens through incompatible blockchains. It also demonstrates Coinbase's commitment to transparency and user protection when adding well-known assets like USD1 to its platform.
Users from the US can now trade three major stablecoins on Coinbase: USDC, USDT from Tether, and USD1. The addition of USD1, backed by the Trump family, provides users with more trading opportunities and enhances competition among stablecoins. It also draws attention to the rapidly growing market of digital dollars, as users avoid traditional banking restrictions.
World Liberty Financial increases USD1 supply and plans a rewards program
As recently reported by Cryptopolitan, World Liberty Financial has issued stablecoins USD1 worth $205 million. As a result of the issuance, the total supply of USD1 reached a record $2.4 billion, marking the largest growth since late April. Launched earlier this year, the stablecoin is now ranked sixth in the world by issuance volume with a market capitalization of $2.39 billion.
The issuance of 205 million USD1 tokens coincided with statements made by the Vice Chair for Supervision of the Federal Reserve, Bowman, at a blockchain symposium in Wyoming. Cryptopolitan reported that Wyoming became the first US state to launch a stablecoin earlier this week.
Most of the USD1 supply comes from strategic partnerships and large treasury assets, including a $2 billion investment from the Abu Dhabi-based MGX exchange, and transactions using the token on Binance. World Liberty Financial aims to develop a stable digital dollar that can compete with USDC and USDT.
USD1 is fully backed by US dollars and US Treasury bonds on a 1:1 basis. This ensures that the token represents a real, tangible asset, making it more reliable for its holders. World Liberty Financial has also disclosed the Ethereum contract address for USD1, allowing anyone to verify the total supply, track transactions, and ensure the existence of reserves as stated.
The company also announced plans to launch a loyalty program for USD1 users. It will reward users for trading, holding, staking, and participating in approved decentralized finance (DeFi) protocols. This program will encourage interaction with USD1 and generate income from financial activities that enhance liquidity.
World Liberty Financial's DeFi platform on Ethereum will soon be launched publicly and will integrate USD1 to offer users lending and borrowing services, similar to other decentralized finance applications built on Ethereum. The project's goal is to create an ecosystem where users can easily deposit, borrow, lend, and earn rewards using USD1. People will no longer rely on traditional banking rails, and capital movement will become faster and more efficient.
