Trump-backed World Liberty Financial is launching a dollar-backed stable cryptocurrency.

World Liberty Financial (WLFI), a decentralized finance (DeFi) platform backed by U.S. President Donald Trump, is preparing to launch USD1, a dollar-indexed stable cryptocurrency. USD1 was introduced earlier this month on Ethereum and Binance's BNB Chain networks, with initial reports indicating that its offering amount has exceeded $3.5 million. WLFI has stated that although USD1 has been minted, it is not yet available for trading, warning users to be cautious about potential scams.

The launch of USD1 coincides with discussions surrounding the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which aims to establish a legal framework for stable cryptocurrencies in the U.S. This initiative highlights the need for regulation amid growing concerns about the impacts of stablecoins on the financial system. WLFI's move aims to bridge traditional finance with the crypto ecosystem, fostering trust and encouraging broader adoption of digital assets.