Binance will enumerate the Stablecoin of World Liberty Financial on May 22, marking an important step for the controversial alternative to the digital dollar.
According to the official announcement, USD1 will start to negotiate at 12:00 pm UTC on May 22 and withdrawals will open the next day. USD1 is a Fiat back stablecoin designed to maintain an ankle 1: 1 with the US dollar. He was launched in March by World Liberty Financial, a fintech company based in Miami linked to Donald Trump and his family.
The token is supported by species, short -term US treasury bills and dollars depots and is issued and managed by Bitgo Trust Company, a regulated entity of the American trust. Although the reserve audits are carried out regularly, the detailed breakdowns remain private.
The list of binances could considerably increase the liquidity and visibility of the USD. Already registered on exchanges like Kucoin, USD1 quickly became the seventh largest stablecoin by market capitalization, exceeding a market capitalization of 2.1 billion dollars in May.
Its rapid increase was fueled by institutional support, including an investment agreement of $ 2 billion with the MGX of Abu Dhabi, as well as its growing application in retail payments and decentralized financing platforms. USD1 is currently operating on Ethereum (ETH) and BNB Chain (BNB), with plans to use the ChainLink (link) cross protocol to extend to other networks.
The USD1 aims to become a major competitor of well -known Stablecoins such as Tether (USDT) and USD Coin (USDC) by offering features such as the free border and institutional guard. But there was a certain controversy surrounding the rise of the stablecoin.
The American legislators, in particular the Democrats of the Senate, expressed their concern about the close ties of the Trump family with the WLFI. The “Crypto’s” main defender “is Donald Trump, and his” Web3 ambassadors “are his sons. Since the regulation of stablescoin, including the proposed engineering law, is always a controversial subject, criticisms argue that this raises the possibility of conflicts of interest.
Despite the political examination, the WLFI maintains that the USD1 is fully in accordance with American regulations, including anti-whiteness standards and the customer of knowledge. A recent legal response to a congress survey rejected concerns as “fundamentally erroneous”. While USD1 is preparing to make its debut on the greatest exchange of crypto in the world, all eyes are on the question of whether its momentum can continue.
