Trump-backed USD1 stablecoin sees $3.5M supply

World Liberty Financial (CRYPTO:WLFI), a cryptocurrency venture backed by U.S. President Donald Trump, launched a U.S. dollar-pegged stablecoin with an initial supply exceeding $3.5 million, according to data from Etherscan and BscScan.

The stablecoin, named World Liberty Financial USD (USD1), was deployed on both the BNB Chain and Ethereum (CRYPTO:ETH) in early March.

Former Binance CEO Changpeng “CZ” Zhao confirmed the contract’s deployment, while World Liberty stated the token is “not currently tradeable.”

The launch coincides with discussions in Congress over the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

The bill, which moved out of the Senate Banking Committee on March 13, is expected to reach a full vote soon.

Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, stated he expects the bill to be on Trump’s desk by June.

Since its launch in September 2024, World Liberty Financial has maintained a level of secrecy regarding its operations.

Its website notes that Trump and some of his family members control 60% of the company’s equity interests.

The firm has conducted two public token sales, raising approximately $550 million.

The launch of USD1 follows reports that the Trump family had discussions with Binance about acquiring a stake in the exchange and a potential presidential pardon for Zhao.

However, Zhao has denied any deal with Trump or Binance.US.

World Liberty previously faced scrutiny from U.S. policymakers over potential conflicts of interest, particularly after Tron founder Justin Sun announced a $30 million investment in the project.

Sun later became an adviser to the firm, while the SEC sought to pause its lawsuit against him.

The stablecoin market continues to expand, with active wallet numbers increasing by more than 50% year-over-year, according to data from Artemis (CRYPTO:MIS) and Dune.