The cryptocurrency project associated with President Donald Trump, "World Liberty Financial," announced that it plans to launch a redeemable stablecoin pegged to one dollar, in an announcement coming at a time when his administration supports digital tokens that underpin most cryptocurrency transactions.
The token "USD1" will be 100% backed by short-term treasury bonds, dollar deposits, and other cash alternatives, according to what the Trump-backed company clarified in a statement on Tuesday. BitGo will act as the custodian, and the "USD1" tokens will initially be minted on the Ethereum blockchain and Binance Smart Chain. No timeline has been revealed yet.
