The Trump family's decentralized finance venture, World Liberty Financial, has launched a new stablecoin called USD1, according to CNBC. The stablecoin is pegged to the U.S. dollar and will soon go live on Ethereum and Binance Smart Chain. USD1 is backed by short-term U.S. Treasuries, dollar deposits, and other cash equivalents. The venture has raised $550 million since its October launch with entities eligible to receive up to 75% of net revenue. The launch follows Trump’s executive order establishing a Strategic Bitcoin Reserve amid rising market demand for stablecoins.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02The Trump family's decentralized finance venture, World Liberty Financial,
00:06has launched a new stablecoin called USD1, according to CNBC.
00:10The stablecoin is pegged to the U.S. dollar and will soon go live on Ethereum and Binance
00:14Smart Chain. USD1 is backed by short-term U.S. treasuries, dollar deposits, and other
00:19cash equivalents. The venture has raised $550 million since its October launch,
00:23with entities eligible to receive up to 75% of net revenue. The launch follows Trump's
00:28executive order establishing a strategic Bitcoin reserve,
00:31causing rising market demands for stablecoins.
00:34For all things money, visit Benzinga.com.